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.

Judge Dismisses Market Manipulation Suit Against Elon Musk; Ryan Salame's Plea Deal Saga

01:11

Breaking Down Bitcoin's Selling Pressure

28:01

Nansen CEO Reveals Top Crypto Projects to Watch

00:51

How Lower Interest Rate Could Impact the On-Chain Ecosystem

02:04

OpenSea Receives 'Wells Notice' From SEC; Telegram CEO Pavel Durov Indicted on 'Complicity'

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Coinbase Officially Suspends Binance USD Stablecoin Trading

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

Judge Dismisses Market Manipulation Suit Against Elon Musk; Ryan Salame's Plea Deal Saga