Coinbase suspends BUSD listing

One of the world’s leading cryptocurrency exchanges coinbaseBinance’s own stablecoin Binance USD (BUSD) announced that it will suspend the trading pair. The company reported that this decision was taken after the US Securities and Exchange Commission’s BUSD announcement.

Coinbase suspends Binance USD (BUSD) transactions

According to the statement made by the SEC, Binance USD did not meet the stablecoin listing standards. Coinbase, which took this warning of the commission into account, with the last statement BUSD has announced that it will stop listing. Accordingly, as of March 13, the Binance USD trading pair will not take place.

Coinbase became the first major US-based exchange to suspend trading in BUSD after the SEC’s announcement. This decision by Coinbase is an important development for regulatory scrutiny dealing with stablecoins.

For those who don’t know, stablecoins are cryptocurrencies that are pegged to various assets like the US dollar to reduce volatility in the cryptocurrency world. BUSD is known for being a stablecoin developed by Paxos Trust Company and traded on Coinbase since 2019. However, its suspension on Coinbase has made investors nervous.

According to the statement shared by the SEC, BUSD does not meet the US stablecoin listing standards. Paxos was required to register BUSD with the SEC under federal securities laws. However, the developer firm did not register BUSD, claiming that it is not a security.

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Although there is no statement from Binance on the subject yet, it should be noted that the BUSD trading pair will not be available on Coinbase from March 13.

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