Coinbase suspends BUSD trading and delists Paxos-backed stablecoin from its platform
Coinbase, the second-largest cryptocurrency exchange by trading volume, has suspended BUSD trading and delisted the Paxos-backed stablecoin from its platform. This decision comes after Paxos received an ultimatum from the NYDFS, instructing them to stop the issuance of BUSD in the region. Coinbase released an official tweet to inform its users of the decision, citing the need to ensure that all assets on the exchange meet the required standards. The suspension will take effect from March 13, 12 PM ET, on Coinbase Exchange, Coinbase Prime, Coinbase.com, and Coinbase Pro.
Crypto community reacts to Coinbase’s suspension of BUSD trading
Following Coinbase’s announcement that it would suspend BUSD trading from its platform, the cryptocurrency community has been closely following the situation. Many users searched for reviews on Coinbase’s exchange to assess how it generally operates and conducts tests. Some members of the community also threw shade at Coinbase’s decision to suspend the popular stablecoin, with some asking if Coinbase would suspend USDC if Gary came after the token. Others asked for specifics on why BUSD failed to meet the required standards all of a sudden. At the time of the announcement, over 177K wallets held BUSD, with the stablecoin ranking as the 11th largest crypto in terms of valuation. Binance, which holds over 8 billion BUSD, representing more than 80% of the entire supply, is yet to respond to the situation.
BUSD becomes the latest stablecoin to be suspended from Coinbase’s platform
BUSD has become the latest stablecoin to be suspended from Coinbase’s platform, with the exchange citing a need to ensure that all assets on the platform meet the required standards. Paxos, the issuer of BUSD, received an ultimatum from the NYDFS instructing them to stop the issuance of BUSD in the region, leading to Coinbase’s decision to suspend BUSD trading and delist the stablecoin from its platform. The suspension is set to take effect from March 13, 12 PM ET, on Coinbase Exchange, Coinbase Prime, Coinbase.com, and Coinbase Pro. With over 177K wallets holding BUSD at the time of the announcement and the stablecoin ranking as the 11th largest crypto in terms of valuation, the cryptocurrency community has been closely following the situation, awaiting Binance’s response.