The popular cryptocurrency exchange Binance has announced its plan to cease all BUSD borrowing and staking positions, effective October 25, 2023, at 16:00 Eastern Eighth District time.
Users are urged to take heed of this critical deadline and ensure the repayment of all affected currency borrowing orders before 15:59 on the same day to prevent potential financial losses. Users would still be able to borrow and lend on Binance using other supported stablecoins.
This decision significantly impacts Binance’s lending services, affecting users in BUSD loans and mortgage positions, with undisclosed reasons underscoring the need for timely action.
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