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Coinbase Officially Suspends Binance USD Stablecoin Trading
Coinbase CEO Brian Armstrong previously said the decision was made due to liquidity concerns.
Cryptocurrency exchange Coinbase (COIN) has officially suspended trading for the Binance USD (BUSD) stablecoin, according to a tweet on Monday.
The exchange announced its intention to delist BUSD in February with Coinbase CEO Brian Armstrong citing liquidity concerns.
STORY CONTINUES BELOW
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The decision came after Paxos, the company that issues BUSD, stopped minting the stablecoin as a result of regulatory action by the New York Department of Financial Services and, reportedly, the federal Securities and Exchange Commission.
Users holding BUSD will still be able to withdraw their assets at any time, Coinbase's announcement said.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
