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Coinbase, one of the leading cryptocurrency exchanges in the United States, has announced that it will suspend trading for the Binance USD (BUSD) stablecoin from 13 March 2023.
- What: Coinbase has announced the suspension of trading for the Binance USD (BUSD) stablecoin from 13 March 2023 because BUSD no longer meets its listing standards.
- Why: Coinbase’s decision is in accordance with its internal monitoring and review processes, which assess assets in relation to legal, compliance, and technical security standards.
- What next: Despite the suspension of BUSD trading, Coinbase has assured users that they can still access their BUSD funds and withdraw them at any time.
According to a tweet from Coinbase on 27 February 2023, the decision was based on the exchange’s “listing standards,” and BUSD no longer met these standards. BUSD is currently the third-largest stablecoin by market capitalization. The suspension will apply to all of Coinbase’s trading platforms, including Coinbase.com, Coinbase Pro, Coinbase Exchange, and Coinbase Prime. However, users can still access their BUSD funds and withdraw them at any time, according to the tweet.
“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,” the tweet read.
The suspension of BUSD trading comes as Paxos Trust, the issuer of BUSD, reportedly received a Wells notice from the United States Securities and Exchange Commission (SEC) on 12 February 2023. The New York State Department of Financial Services also ordered Paxos to stop issuing BUSD on 13 February 2023, resulting in a $2bn drop in market cap within days. According to reports, Paxos has been in talks with the SEC since 21 February 2023.
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