Coinbase has decided to delist a Binance-based altcoin, citing that it does not meet the listing standards. Delist also covers Coinbase.com, Coinbase Pro, Coinbase Exchange and Coinbase Prime platforms.
Coinbase has decided to delist Binance-branded altcoin
The US-based exchange announced today that it will suspend trading in Binance USD (BUSD) from March 13, due to the stablecoin not meeting listing standards. A Coinbase spokesperson commented on the delist decision, “Our determination to suspend BUSD transactions is based on our own internal monitoring and review processes. While reviewing BUSD, we determined that it no longer meets our listing standards and will be suspended.”
Coinbase said the decision was based on Paxos’ most recent review of the stablecoin, which it recently stopped issuing following an order from a New York regulator. cryptocoin.com We have included the details of the investigation in this article.
Binance users can currently access and withdraw BUSD funds. However, the exchange said it would suspend transactions on Coinbase.com, Coinbase Pro, Coinbase Exchange, and Coinbase Prime.
Paxos received a Wells notice from the SEC earlier this month claiming it had listed BUSD as a unregistered security. The stablecoin issuer said it “did not participate as a category” in the SEC’s classification but was in “constructive discussions” with the regulator. He also severed ties with Binance.
Binance Coin (BNB) drops slightly after delist news
BNB, the native cryptocurrency of the BSC network, lost around 1% on the day amid the bad news around BUSD. Meanwhile, most altcoins, including BTC and ETH, were moving sideways, with most of them slightly gaining momentum. BNB is trying to hold above $300 at the time of writing.
Paxos ends its relationship with Binance
Paxos, the company authorized to issue BUSD, said it was in “constructive talks” with the SEC after receiving a Wells notice about the Binance USD stablecoin. CEO Charles Cascarilla said in an email to employees, “We look forward to continuing this dialogue privately. If necessary, Of course, we will defend our position in the case.” The company said last week that it categorically disagrees with the SEC’s classification of BUSD as a security.
Cascarilla also said that the company would terminate its relationship with Binance when it said it was a separate decision from the SEC Wells statement and the New York Department of Financial Services’ directive.
$2.8 billion in BUSD has been burned since the firm announced it would stop issuing stablecoins. The Binance-branded stablecoin is pulling away from the top 10 by market cap, accompanied by falling volume.
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