US crypto exchange Coinbase (COIN) follows through on its promise and suspends trading of Binance USD (BUSD), after the US Securities and Exchange Commission imposed regulatory measures on its issuer, Paxos. In fact, the announcement had been made at the end of February, when he specified that he would stop trading on March 13.
However, the Coinbase exchange clarifies that Binance USD withdrawals will remain open.
Coinbase had announced its decision to delist BUSD
As a reminder, on February 27, Coinbase explained its intention to remove BUSD. And its CEO, Brian Armstrong, cited liquidity problems. At the time, he explained that he regularly monitors the platform’s assets and seeks to ensure that they meet listing standards.
«We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on our most recent reviews, Coinbase will suspend trading Binance USD (BUSD) on March 13, 2023, around 12 pm ET.».
Notably, the decision came after Paxos, the company that issues BUSD, stopped minting the stablecoin due to a regulatory action by the New York Department of Financial Services (NYDFS). And reportedly from the US Securities and Exchange Commission (SEC).
Binance USD (BUSD) Trading Service Suspended
Now, on this occasion, according to a tweet published on Monday the 13th, they deactivate Binance USD (BUSD) trading. Although, the exchange will allow access to the remaining BUSD on its platform for withdrawals only.
«We have disabled Binance USD (BUSD) trading. Your BUSD funds will remain accessible to you and you will continue to have the ability to withdraw your funds at any time.».
By the way, according to CoinMarketCap, the Binance Stablecoin plummeted 7.48% compared to Bitcoin (BTC). And it fell back 3.89% in its comparison against Ethereum (ETH). And its market capitalization fell back to $8.384 million. Its price even went to $1.00.
I say goodbye with this phrase from Alexandre Dumas: «It is not necessary to know the danger to be afraid. In fact, unknown dangers are the most fearful».
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