Philippine Cryptocurrency Exchange PDAX to Delist Binance USD

The Philippine Digital Asset Exchange (PDAX), a renowned local cryptocurrency exchange in the Philippines, has revealed intentions to delist Binance USD (BUSD) from its trading platform, which is a significant step. This move follows Binance's previous statement about gradually withdrawing support for the stablecoin.

Contents

01

Why is PDAX Delisting BUSD？

02

Important PDAX User Dates and Actions

03

BUSD: A Brief Overview

04

Other Recent Developments at PDAX

05

Summary

Why is PDAX Delisting BUSD？

PDAX clarified that its decision to remove BUSD is a direct response to Binance ceasing its support for the stablecoin starting February 2024. The exchange is prioritizing the interests of its users, advising them to either convert their existing BUSD to any other cryptocurrency available on PDAX, change them into Philippine Peso (PHP), or move the assets to another trading platform.

Important PDAX User Dates and Actions

Take notice that if you utilize the PDAX platform, you must act before October 27, 2023. BUSD will no longer be available for trading on PDAX after this date. The exchange has also said that the asset transfer procedure may differ depending on the platform to which you are transferring your assets. As a result, make sure you understand the regulations of the receiving platform regarding BUSD and asset transfers.

Should you fail to act before the given deadline, PDAX has a contingency plan in place. The exchange will automatically convert your BUSD assets into PHP based on the prevailing exchange rate at the time of conversion.

BUSD: A Brief Overview

Launched in 2019 by Binance and Paxos, BUSD was one of the markets dominant stablecoins until its support started to wane. Although Binance branded it, the stablecoin is solely issued by Paxos. Notably, the New York State Department of Financial Services (NYDFS) ordered Paxos to halt the issuance of BUSD earlier this year.

Other Recent Developments at PDAX

In April, PDAX entered into a partnership with UnionBank, enabling UnionBank to endorse PDAX's crypto services to its B2B clients. This partnership aims to improve the banking experience for UnionBank's customer base by providing exclusive access to PDAXs crypto services. Also, PDAX underwent a system switch in May to optimize the user trading experience, marking another milestone in its journey.

Summary

PDAX, a premier cryptocurrency exchange in the Philippines, is set to delist Binance USD (BUSD) following Binance's own withdrawal of support for the stablecoin. PDAX users should act before October 27, 2023, to avoid the automatic conversion of their BUSD assets into PHP. The delisting is indicative of the turbulent landscape of cryptocurrencies, as both PDAX and Binance adapt to regulatory and market challenges.

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