Binance To Burn Multiple Crypto On Polygon (MATIC) And Others

The world’s largest crypto exchange Binance on Thursday announced to burn multiple Binance-pegged tokens amid the plan to move away from BUSD and TUSD. The crypto exchange will release an equivalent amount of tokens on their native networks, which were used as collateral. Meanwhile, the exchange continues its fight against the U.S. SEC.

Binance Announces To Burn Pegged Tokens

Crypto exchange Binance in a post on September 14 announced to burn a number of idle Binance-pegged tokens. These are TUSDOLD and BUSD. Binance is ending support for Binance USD (BUSD) in 2024 after regulatory challenges in the US, especially by the Securities and Exchange Commission (SEC).

Binance will burn pegged tokens on the Polygon MATIC, BSC, BNB, and TRX networks. Subsequently, an equivalent quantity of tokens on their respective networks, previously utilized as collateral, will be released.

Later today, #Binance will burn a number of idle Binance-pegged tokens.

The equivalent amount of tokens on their native networks, which were used as collateral, will then be released.

Tokens:
🔸TUSDOLD (BSC)
🔸BUSD (MATIC)
🔸BUSD (BSC)
🔸BUSD (BNB)
🔸BUSD (TRX)

— Binance (@binance) September 14, 2023

Read More: Judge Faruqui Issues Order In Binance Vs US SEC Lawsuit

Last week, Binance announced ending of the Sandbox NFT Staking Program on the Polygon network. Also, it will completely end buying, depositing, offering, or listing NFTs from the Polygon Network on Binance NFT Marketplace.

Since the SEC stated Cardano (ADA) and Polygon (MATIC) as securities, Binance has delisted and removed Cardano and Polygon spot, margin, and perpetual trading pairs.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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