Coinbase suspending BUSD trading News ▸ Binance ▸ Coinbase ▸ Stablecoins
Coinbase suspending BUSD trading
BUSD trading will stop around 12pm ET on March 13, 2023.
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Updated: Feb. 27, 2023 at 5:13 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto exchange Coinbase will suspend Binance USD (BUSD) trading starting March 13 at noon Eastern Time.
The exchange announced the news via its official Twitter account, where it stated:
“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.”
The suspension will include Coinbase.com, Coinbase Pro, Coinbase Exchange, and Coinbase Prime platforms. Users can still access and withdraw their BUSD holdings after Mar. 13.
BUSD debacle
The Securities and Exchange Commission (SEC) requested Paxos to halt further BUSD production on Feb. 13. The SEC claimed that Paxos violated the securities and investor protection laws.
Paxos responded to the SEC by announcing that it will stop BUSD mining starting Feb. 21.
Between Feb. 13 and Feb. 17, Binance lost 16% of its BUSD holdings. In the last seven days, Binance burned $2 billion of idle BUSD on the BNB Chain.
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Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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BUSD is a stablecoin issued by Paxos in partnership with Binance..
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Paxos
Paxos Trust Company, LLC is a regulated blockchain infrastructure company building transparent and transformative financial solutions.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.
