Digital Assets: Coinbase to Delist Binance-Branded BUSD Stablecoin Effective March 13
However, Coinbase assures that holders can withdraw their BUSD funds anytime.
Coinbase (NASDAQ: COIN), one of the largest crypto exchanges in the world, has announced that it will suspend the trading of Binance-branded BUSD stablecoin on its platform, citing its failure to meet Coinbase’s internal listing standards. The stablecoin will be de-listed on March 13th across Coinbase.com, Coinbase Pro, Coinbase Exchange, and Coinbase Prime.
BUSD is the third-largest stablecoin by market capitalization after Tether and USD Coin. Coinbase’s own native stablecoin offering is USDC, which is issued in partnership with crypto firm Circle. The firm emphasized that customers’ BUSD funds will remain accessible and that users can withdraw their funds at any time. (PYMNTS)
Coinbase is the first crypto trading platform to halt commerce with Binance-branded BUSD stablecoin.
Separately, both the US Securities and Exchange Commission (SEC) and the New York Department of Financial Services (NYDFS) are eyeing BUSD, and the crypto industry more broadly, for regulatory lapses, if any.
The SEC has reportedly issued a Wells Notice to Paxos Trust informing the company of potential enforcement actions against it for violating federal investor protection laws in the context of the company’s issue of Binance-branded BUSD stablecoins.
Paxos stopped minting BUSD stablecoins last week due to the SEC’s regulatory glare.
Furthermore, Binance and the crypto sector have come under increasing scrutiny since last year’s collapse of the FTX exchange, in which Binance allegedly played a not insignificant role.
Related Story: SEC Takes Aim At The BUSD Stablecoin, Sparks Redemptions
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