Dear BitMart Users,
Due to Paxos discontinuing the minting of new BUSD, BitMart delisted all BUSD-related trading pairs on December 8, 2023, and disabled BUSD withdrawals on February 8, 2024 (BUSD Delisting Announcement). However, we’ve observed that many users still hold BUSD assets beyond the stipulated withdrawal period. To safeguard your interests, we’ve decided to:
- Auto-convert BUSD to USDT at a 1:1 ratio for balances exceeding 5 USDT.
- Auto-convert BUSD to BMX at a 1:4.5662 ratio for balances of 5 USDT or below.
This conversion will take effect at 00:00 UTC on February 28, 2024.
👉 Need help? Contact our 24/7 customer support for any queries.
Thank you for your continued trust and support.
BitMart Team
February 21, 2024
FAQ
1. Why is BitMart converting BUSD to USDT/BMX?
Paxos halted BUSD minting, making the token non-transferable. This ensures users retain asset value post-delisting.
2. How is the conversion ratio determined?
Balances >5 USDT convert 1:1 to USDT; ≤5 USDT convert to BMX at a fixed rate based on market fairness.
3. Can I opt out of the conversion?
No, this is an automated process to protect users from holding stranded assets.
4. Where can I track my converted assets?
Check your BitMart wallet post-conversion. USDT/BMX will reflect automatically.
5. What if I disagree with the BMX conversion rate?
The rate is fixed to ensure liquidity for small holdings. Consider consolidating balances before deadlines in future cases.
6. Are there fees for this conversion?
No fees apply. The full BUSD balance converts at the stated ratios.
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