Binance To Burn Multiple Crypto On Polygon (MATIC) And Other Network

Varinder Singh
September 14, 2023
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Breaking: Binance's Key Announcement For WIF, BONK, FLOKI, NOT, ZK And 6 Other Crypto

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.

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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.

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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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.