From the 13th of March, Coinbase, one of the largest cryptocurrency exchanges, will stop trading Binance USD (BUSD) stablecoins. This statement affects Coinbase’s platforms such as Coinbase.com, Coinbase pro, Coinbase exchange and more.
On Monday, the US cryptocurrency exchange — Coinbase —- stated on Twitter that the exchange will stop buying and selling BUSD on 13 March 2023, around 12 PM, because Binance USD cannot meet the “listing standard.”
Based on the exchange’s internal monitoring and review, Coinbase announced the suspension order on Twitter. However, the exchange added, “your BUSD fund will remain accessible to you, and you will continue to have the ability to withdraw your fund at any time.”
At press time, the market capitalization of Binance USD tokens stayed at $10.63 Billion, and stablecoin ranked in 10th position. Similarly, the fourth largest cryptocurrency was also influenced by this announcement, as it dropped by 1% overnight while it was trading at $301.8.
A dark cloud hovering over the Binance USD (BUSD) since 13 February when the New York State Department of Financial Services imposed an allegation on BUSD issuer company Paxos and ordered to pause more BUSD minting.
Also Read: BUSD depegs after NYDFS Orders Paxos to Stop Issuing Tokens
On 15 Feb., Coinbase said on Twitter that “what we do know: stablecoins are not securities.” but this announcement may impact the crypto market in upcoming trading sessions.
