Crypto exchange Binance has announced that it will automatically convert user balances and new deposits of USD Coin (USDC), Pax Dollar (USDP) and TrueUSD (TUSD) to Binance USD (BUSD) at a 1:1 ratio on September 29th.
The world’s biggest digital asset exchange by trading volume is rolling out its BUSD “Auto-Conversion” solution in an apparent bid to boost the adoption of its own stablecoin, which currently sits as the third biggest stablecoin by market capitalization.
“In order to enhance liquidity and capital-efficiency for users, Binance is introducing BUSD Auto-Conversion for users’ existing balances and new deposits of USDC, USDP and TUSD stablecoins at a 1:1 ratio.”
Users may manually convert their USDC, USDP or TUSD balances to BUSD from September 26th to September 29th prior to the launch of Auto-Conversion, but manual conversion will not apply to balances of less than 1 USDC, USDP or TUSD since these will be processed as part of Auto-Conversion.
“This will not affect users’ choice of withdrawal: users will continue to be able to withdraw funds in USDC, USDP and TUSD at a 1:1 ratio to their BUSD denominated account balance.”
The announcement comes following reports that the money laundering section of the Department of Justice (DOJ) probed into the records of Binance and its CEO, Changpeng Zhao. Authorities reportedly want to find out if Binance is complying with financial crime laws in the US.
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