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Binance Announces To Burn Pegged Tokens
Crypto exchange Binance in a post on September 14 announced to burn a number of idle Binance-pegged tokens. These are TUSDOLD and BUSD. Binance is ending support for Binance USD (BUSD) in 2024 after regulatory challenges in the US, especially by the Securities and Exchange Commission (SEC).
Binance will burn pegged tokens on the Polygon MATIC, BSC, BNB, and TRX networks. Subsequently, an equivalent quantity of tokens on their respective networks, previously utilized as collateral, will be released.
Later today, #Binance will burn a number of idle Binance-pegged tokens.
The equivalent amount of tokens on their native networks, which were used as collateral, will then be released.
Tokens:🔸TUSDOLD (BSC)🔸BUSD (MATIC)🔸BUSD (BSC)🔸BUSD (BNB)🔸BUSD (TRX)
— Binance (@binance) September 14, 2023
Read More: Judge Faruqui Issues Order In Binance Vs US SEC Lawsuit
Last week, Binance announced ending of the Sandbox NFT Staking Program on the Polygon network. Also, it will completely end buying, depositing, offering, or listing NFTs from the Polygon Network on Binance NFT Marketplace.
Since the SEC stated Cardano (
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