Binance, the cryptocurrency exchange, will phase out its Binance USD (BUSD) lending services by October 25, as part of efforts to terminate all BUSD-related offerings by 2024. This aligns with New York fintech firm Paxos’ decision to end its association with Binance due to legal issues between the exchange and the US Securities and Exchange Commission. BUSD’s market capitalization, which peaked at $23bn in November 2022, has plunged to $2.23bn, leading Binance to encourage users to transfer their holdings to the newly launched First Digital USD (FDUSD) by Hong Kong-based trust firm First Digital Group.