Crypto Exchange Coinbase Announces Delisting This Coin!

Cryptocurrency exchange Coinbase announced in its statement that it has stopped trading by delisting the Binance USD (BUSD) altcoin.

However, the stock market said in its statement that investors’ BUSD funds will continue to be accessible and that these funds can be withdrawn by users at any time.

Cryptocurrency Exchange Coinbasei Announced It Will Delist BUSD Token In Its Previous Statement

Coinbase previously announced on February 27 that it will end its BUSD trading on March 13.

The CEO of the company, Brian Armstrong, talked about the reasons behind the delisting of the BUSD token. Coinbase CEO Brian Armstrong said that the exchange has decided to suspend Binance USD (BUSD) trading because the company has concerns about the liquidity of this coin.

The crypto exchange previously said that the reason for delisting BUSD is because the stablecoin no longer meets listing standards, based on its own internal monitoring and review processes. Other than that, Coinbase did not provide any additional details.

“The reason we did this was because Paxos, which issues BUSD, was ordered to stop printing BUSD, so we were concerned about liquidity issues for our clients,” Armstrong said.

The New York Department of Financial Services (NYDFS) recently ordered Paxos to cease printing Binance-branded BUSD due to unresolved issues with oversight of Paxos’ relationship with Binance. It has been reported that the Securities and Exchange Commission (SEC) is also planning to sue Paxos for selling BUSD as an unregistered security.

*Not investment advice.