PDAX to delist BUSD by October 2023

PDAX will be delisting Binance USD (BUSD) on its platform starting October 27, 2023. This is followed by its issuer’s (Binance) decision to gradually cease its support for the US dollar-pegged stablecoin. 

Here’s everything you need to know: 

Why is PDAX delisting BUSD? 

BUSD issuer Binance announced in a press release on August 31, 2023, that their decision was due to Paxos’ announcement in February to halt the minting of BUSD. It can be recalled that Paxos, a New York-based blockchain platform, was ordered by the New York Department of Financial Services to stop the issuance of BUSD after the US Securities and Exchange Commission alleged that Paxos was selling BUSD as an unregistered security.

Coinbase was among the first crypto exchanges to delist BUSD in March 2023, saying that it no longer met their listing standards. 

What can I do with my BUSD assets on PDAX? 

Users may opt to convert their assets to any cryptocurrency on PDAX or convert them directly to PHP.

Users may also opt to transfer their assets to another platform. The process of transferring to another platform may vary. For more information on how to crypto out on PDAX, visit this link. Kindly take note of other platforms’ processes and guidelines on BUSD and asset transfers as well.

How do I convert my assets into another cryptocurrency or PHP?

Converting means selling your assets in exchange for a cryptocurrency of your choice. PDAX has an extensive guide on how you can convert your assets or PHP, so make sure to check that out! 

What happens if I fail to withdraw or convert my assets before October 27? 

If you fail to convert your assets before October 27, your BUSD assets will be automatically converted to PHP based on the prevailing rate at the time of conversion. You will also be receiving an email confirmation from our team that your assets have been converted to PHP. 

I’m having trouble converting my assets, who do I reach out to? 

Our customer success representatives are always happy to help! Head to support.pdax.ph to request for assistance. 

DISCLAIMER: PDAX would like to reaffirm that the statements in this article do not constitute financial advice. PDAX does not guarantee the technical and financial integrity of the digital assets and their ecosystems. Trading with any cryptocurrency is subject to the user’s risk and own discretion and must be done after adequate and in-depth research and analysis.

External links are provided for convenience and for informational purposes. They are not statements of PDAX and PDAX bears no responsibility for the accuracy, legality or content of said links. 

For inquiries or complaints, please contact us through the following channels: Chatbot: https://pdax.ph or https://web.pdax.ph/ (click webchat feature); ‘Customer Support’ webpage at https://support.pdax.ph; Email: support@pdax.ph. Please provide us your name, email address, and any other information that we may need to identify you, and the particulars of the order and/or transaction on which you have feedback, questions, or complaints. If you already have a registered PDAX account, please provide us your registered name.

The Philippine Digital Asset Exchange (PDAX), Inc. (PDAX) is an entity regulated by the Bangko Sentral ng Pilipinas (BSP) https://www.bsp.gov.ph. You may get in touch with the BSP Consumer Protection and Market Conduct Office through the following channels:

Email: consumeraffairs@bsp.gov.ph; Webchat: http://www.bsp.gov.ph (click webchat feature); Facebook: https://www.facebook.com/BangkoSentralngPilipinas; Direct Line: (02) 5306 2584 / (02) 8708 7087; Trunk Line: (02) 8708 7701 loc. 2584;  or SMS: 21582277 (for Globe subscribers only). For further details, you may refer to BSP's Inclusive Finance - Consumer Protection.