Coinbase to Suspend Trading for BUSD March 13, Citing ‘Listing Standards’
By
Patrick
February 27, 2023
The Binance-branded stablecoin is being phased out by crypto protocols after Paxos Global was ordered to stop minting BUSD.
BUSD Phased Out by Largest US Exchange
Coinbase announced it will end trading for $BUSD on March 13, as a growing number of cryptocurrency platforms respond to U.S. regulators’ crackdown on the Binance-branded stablecoin issued by Paxos Global.
In its announcement via Twitter, Coinbase cites “listing standards.” Coinbase is the largest U.S. Centralized Exchange by volume and is a key rival of Binance.
While $BUSD trading will cease, Coinbase said, “Your BUSD funds will remain accessible to you, and you will continue to have the ability to withdraw your funds at any time.”
Paxos stopped minting new BUSD tokens on Feb. 21. The stablecoins will continue to be backed 1:1 and can be redeemed by holders until at least February 2024.
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Author
Patrick
Patrick
Originally from Texas, Patrick is based in the Cayman Islands. He has a diverse background in journalism. He holds bags mostly in stablecoins.
