Coinbase will halt Binance USD (BUSD) transactions on March 13 at approximately 12:00 PM EST.
The decision was based on the crypto exchange’s most recent evaluation of the stablecoin, which Paxos recently ceased issuing in response to an order from a New York regulator.
Trading will be suspended on https://t.co/Zkd27RUMRo (Simple and Advanced Trade), Coinbase Pro, Coinbase Exchange, and Coinbase Prime.
Your BUSD funds will remain accessible to you, and you will continue to have the ability to withdraw your funds at any time.
— Coinbase Assets (@CoinbaseAssets) February 27, 2023
“Our determination to suspend trading for BUSD is based on our internal monitoring and review processes,” a spokesperson stated. “When reviewing BUSD we determined that it no longer met our listing standards and will be suspended.”
Customers will continue to have access to BUSD funds and be able to withdraw them. The exchange stated that trading would be halted on Coinbase.com (Simple and Advanced Trade), Coinbase Pro, Coinbase Exchange, and Coinbase Prime.
The U.S. Securities and Exchange Commission (SEC) sent Paxos a Wells notice earlier this month, alleging that it listed BUSD as an unregistered security. The issuer of stablecoins stated that it “categorically disagrees” with the SEC’s classification but is engaged in “constructive discussions” with the regulator. Also severed ties with Binance.
