Binance.US Stops USD Withdrawals; New T&C
Binance US makes big changes: no more holding US dollars, and a halt on BUSD by 2024. Also, new sign-ups from the UK will stop soon due to ad rules.
Crypto expert Asher Hopp reported that Binance US updated its terms. They won't hold US dollars anymore, and people can't take out US dollars. Also, there's no more safety FDIC insurance for deposits.
Hopp shared that users can only get their money by "sending BUSD",Binance USD . But there's a problem: Binance also said they will stop using BUSD in 2024. And the company that makes BUSD, Paxos Trust, will stop backing it by February 2024. So, Binance is telling people to change their BUSD money soon.
Hopp also showed an email from Binance to US users. The email was informing users that they changed their US dollars to BNB/BUSD without asking.
There's more surprising news. Binance won't accept new users from the UK starting next week. They made this choice because of new rules in the UK about crypto advertisements. These rules started on October 8.
Binance tried to follow the rules by working with a company named Rebuildingsociety.com. But the UK's Financial group said this company can't approve crypto ads since the company “rebuildingsociety.com” lacks some necessary requirements,
