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Finance

Coinbase Officially Suspends Binance USD Stablecoin Trading

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

By Oliver Knight
AccessTimeIconMar 13, 2023 at 4:16 p.m. UTC
Updated May 9, 2023 at 4:10 a.m. UTC
Coinbase CEO Brian Armstrong (CoinDesk)
Coinbase CEO Brian Armstrong (CoinDesk)

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.

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    • 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.

    Oliver Knight
    Oliver Knight

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

    Follow @OKnightCrypto on Twitter