Coinbase Officially Suspends Binance USD Stablecoin Trading

Coinbase CEO Brian Armstrong previously said the decision was made due to liquidity concerns.

AccessTimeIconMar 13, 2023 at 4:16 p.m. UTC
Updated May 9, 2023 at 4:10 a.m. UTC

Cryptocurrency exchange Coinbase (COIN) has officially suspended trading for the Binance USD (BUSD) stablecoin, according to a tweet on Monday.

The exchange announced its intention to delist BUSD in February with Coinbase CEO Brian Armstrong citing liquidity concerns.

The decision came after Paxos, the company that issues BUSD, stopped minting the stablecoin as a result of regulatory action by the New York Department of Financial Services and, reportedly, the federal Securities and Exchange Commission.

Users holding BUSD will still be able to withdraw their assets at any time, Coinbase's announcement said.


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Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

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