Binance USD Auto Conversion

Starting 09/29/2022 Binance will be converting all existing and new deposits of USDC, USDP, and TUSD stablecoins into BUSD at a 1:1 conversion rate. Users of the Binance ecosystem will trade stablecoins solely using BUSD, however this will not affect withdrawals. Users will still be able to withdraw funds into either USDC, USDP, and TUSD.

In order to assist Fonbnk customers we have compiled the most relevant changes that you may experience as a user of both Fonbnk and Binance.

The following asset conversion process and schedule has been provided by Binance:

1. Existing USDC, USDP and TUSD balances in user accounts will be automatically converted to BUSD at 2022-09-29 03:00 (UTC) (“Auto-Conversion”). All users will be able to see the converted balance on their accounts within 24 hours.
   
2. Any users who wish to convert their USDC, USDP or TUSD balances to BUSD at a 1:1 ratio before the Auto-Conversion, may process it manually onBinance Convert from 2022-09-26 03:00 (UTC) until 2022-09-29 03:00 (UTC). Do note that manual conversion can only be done from USDC, USDP, and TUSD to BUSD and not the reverse during that period.
   
3. Please note that the minimum amount for manual conversion is 1 USDC, USDP or TUSD. User balances of less than 1 USDC, USDP or TUSD will be converted as part of the Auto-Conversion. No action is needed on your part.
   
4. After the Auto-Conversion is completed, users will be able to withdraw USDC, USDP or TUSD at a ratio of 1:1 from their BUSD balances.
   
   

In light of these announcements the following changes will be made to Binances spot market:

• Binance will remove and cease trading on the following spot trading pairs at 2022-09-29   03:00 (UTC):

ADA/USDC, ATOM/USDC, AUD/USDC, BCH/USDC, BNB/USDC, BTC/USDC, BTTC/USDC, EOS/USDC, ETH/USDC, LINK/USDC, LTC/USDC, SOL/USDC, TRX/USDC, WIN/USDC, XRP/USDC, ZEC/USDC, BNB/USDP, BTC/USDP, ETH/USDP, ADA/TUSD, BNB/TUSD, BTC/TUSD, ETH/TUSD, TRX/TUSD, XRP/TUSD

• Users will be able to view their USDC, USDP and TUSD balances under the BUSD denominated account balance when the conversion is complete.
  
• All pending trade orders will be automatically removed after trading ceases in each respective trading pair. Users can then trade the assets in the respective BUSD trading pairs.
  
  

For additional information regarding the auto-conversion of USDC, USDP, and TUSD to BUSD you can check out Binance’s own article here https://www.binance.com/en/support/announcement/e62f703604a94538a1f1bc803b2d579f