Coinbase suspending BUSD trading
Crypto exchange Coinbase will suspend Binance USD (BUSD) trading starting March 13 at noon Eastern Time.
The exchange announced the news via its official Twitter account, where it stated:
“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 for Binance USD (BUSD) on March 13, 2023, on or around 12pm ET.”
The suspension will include Coinbase.com, Coinbase Pro, Coinbase Exchange, and Coinbase Prime platforms. Users can still access and withdraw their BUSD holdings after Mar. 13.
BUSD debacle
The Securities and Exchange Commission (SEC) requested Paxos to halt further BUSD production on Feb. 13. The SEC claimed that Paxos violated the securities and investor protection laws.
Paxos responded to the SEC by announcing that it will stop BUSD mining starting Feb. 21.
Between Feb. 13 and Feb. 17, Binance lost 16% of its BUSD holdings. In the last seven days, Binance burned $2 billion of idle BUSD on the BNB Chain.
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