Referring to the order of the regulators in the United States to Paxos Trust Co., Ltd. (Paxos), the issuer of Binance USD (BUSD) (a stablecoin used as a collateral asset with a value equivalent to USD (1:1)), to halt minting BUSD due to regulatory and legal issues (reference), Bitkub Online Co., Ltd. (“Company”) has evaluated the facts together with the announcements issued by Paxos that they will cease issuance of new BUSD tokens starting from February 2024 (reference). The Company therefore decided that BUSD will be delisted from the digital exchange platform of the Company as the asset is no longer qualified as per the Company’s listing policy.
To prevent possible risks that may arise, please be advised to promptly assess and manage your BUSD holdings before the deactivation of BUSD withdrawal and the DE (Delist symbol*) is displayed.
In this regard, the Company hereby informs you of the related schedule for your benefit as shown below together with the summary in the following table.
Buying and selling of BUSD: available on Bitkub Exchange until 21 September 2023 at 01:00 PM.
Withdrawal of BUSD: available until 6 October 2023 at 01:00 PM.
Customers who are unable to withdraw BUSD within the aforementioned date and time can contact our Customer Support team for assistance.
Kindly note that the schedule stated in this announcement is subject to change depending on the operation plans and supported services of the main BUSD service providers. Please follow their main communication channels for further updates and follow us for our official announcements closely.
* DE (Delist) represents a cease of digital asset trading to delist the asset from the exchange within a given period. (Learn more about Warning Signs here.)
** Fees may be charged for coin recovery.
Remarks:
In case customers are unable to withdraw their BUSD from Bitkub Exchange before the BUSD withdrawal deactivation,
(a) it shall be deemed that the customer acknowledges and agrees to allow the Company to migrate their remaining BUSD on the Bitkub Exchange platform from the BNB Smart Chain (BEP-20) Network to the Ethereum (ERC-20) Network for the benefit of customers in case they will transfer their BUSD tokens to Paxos, the BUSD issuer, for redemption in the future as per the terms and conditions set forth by Paxos.
(b) customers can request the Company to perform coin recovery.
In case of neglecting or delaying in withdrawing BUSD, or requesting Bitkub Exchange to recover the remaining BUSD, customers acknowledge and accept the risks that could arise due to the announcements and operation plans for BUSD services of Paxos and Binance which may differ in the future. However, to prevent possible risks and expenses, please consider withdrawing your remaining BUSD before the withdrawal activation on 6 October 2023 at 01:00 PM (GMT+7).
Please do research to understand the risks before trading BUSD and exercise caution when investing. Due to price volatility, the Company highly recommends that you closely follow the news from the official communication channels of the main operators at https://www.binance.com/ and https://paxos.com/.
Investments in digital assets contain high risks. Please be advised to research properly and thoroughly, and make a careful decision before taking any action, especially during the volatility of the digital asset market. Please note that the Company is not responsible for any loss or damages, or profits and loss from investing in digital assets related to this announcement and/or from the use of the information contained in this notice.
The Company reserves the right in its sole discretion to amend or change these announcement details, and we will further notify you if there is any change.
Thank you for your understanding and continual support.
Announcement released on 7 September 2023
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