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Crypto Exchange Coinbase to Suspend BUSD Trading in the Middle of March

Crypto Exchange Coinbase to Suspend BUSD Trading in the Middle of March

From March 13th, Coinbase users will no longer be able to trade Binance USD (BUSD).

Coinbase, an American cryptocurrency exchange established by Brian Armstrong and Fred Ehrsam in 2012, has shared an announcement revealing that it will suspend trading for Binance USD (BUSD) token.

According to the Twitter thread shared by Coinbase Assets on February 27, the company will halt BUSD trading on all of its platforms on March 13th.

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In the announcement, the crypto exchange noted:

We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on our most recent reviews, Coinbase will suspend trading for Binance USD (BUSD) on March 13, 2023, on or around 12pm ET.

In a Twitter thread, Coinbase highlighted that after March 13th, users will continue to have access to their BUSD and will be able to withdraw their holdings at any time.

The announcement comes just two weeks after the New York financial watchdog, NYDFS, ordered Paxos to stop minting BUSD. According to a consumer alert from the regulator, they issued the order due to "several unresolved issues related to Paxos' oversight of its relationship with Binance."

Soon after, the US SEC revealed plans to sue Paxos over its BUSD token since it considers it unregistered security. As a result of regulatory pressure, Paxos announced that it will be cutting ties with Binance and will cease the issuance of BUSD.

Responding to US regulatory pressure, the chief strategy officer at Binance, Patrick Hillman, revealed that the company could soon issue a new stablecoin, not pegged to the US dollar. Before Hillman's revelation, Binance CEO Changpeng "CZ" Zhao tweeted that the company was exploring the possibility of launching a non-USD pegged stablecoin.

Paxos revealed that it held "constructive discussions with the SEC" on its decision to classify BUSD as a stablecoin.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.



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