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Coinbase

Coinbase Will Halt BUSD Trading, Here’s When

Reynaldo Marquez
by Reynaldo Marquez
2 years ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Per a report from crypto news outlet The Block, crypto exchange Coinbase will halt trading operations with the Binance-branded stablecoin, BUSD. The digital asset has been heavily scrutinized following the Securities and Exchange Commission (SEC) Wells Notice against its issuer, Paxos.

Related Reading: Bottom Signal? Bitcoin, Ethereum Profitability Hit Three-Month Lows

Coinbase Succumbs To The Pressure?

As Bitcoinist has been reporting, Paxos was accused by the SEC of allegedly violating investor protection laws when issuing Binance USD (BUSD). The Commission claims that BUSD, and many other tokens in the crypto ecosystem, is a security.

Therefore, Paxos allegedly needed to register the product with the SEC. This legal action from the U.S. regulator forced the crypto firm to cut ties with its long-term partner, crypto exchange Binance, and to stop issuing BUSD.

Coinbase has become the first crypto exchange that will stop trading activity with this digital asset. According to The Block, starting March 13, 2023, users cannot buy or sell cryptocurrencies in exchange for the Binance-branded stablecoin.

A Coinbase spokesperson told The Block:

Our determination to suspend trading for BUSD is based on our own internal monitoring and review processes. When reviewing BUSD, we determined that it no longer met our listing standards and will be suspended.

As the report confirmed, users can still withdraw their funds in BUSD. Still, all commerce will be suspended across the multiple Coinbase products, including, Advanced and Simple trading, Pro, Exchange, and Prime.

Coinbase COIN COINUSD
COIN’s price trends to the downside on the daily chart. Source: COINUSD Tradingview

BUSD Will Suffer Slow Death?

Coinbase is the first, but might not be, the last crypto trading platform to de-list and halt commerce with the Binance-branded digital asset. The CEO of crypto trading venue Binance, Changpeng “CZ” Zhao, already predicted that BUSD’s market cap will “decrease over time.”

Related Reading: IMF’s Stance On Crypto, Regulate Or Ban?

This drop in market capitalization can only lead to decreased use cases and the number of people using BUSD for regular trading activities. At the time, CZ stated the following on BUSD’s fate and the implications for the crypto industry as the U.S. launches an all-out crackdown on the nascent sector:

 “IF” BUSD is ruled as a security by the courts, it will have profound impacts on how the crypto industry will develop (or not develop) in the jurisdictions where it is ruled as such. Binance will continue to support BUSD for the foreseeable future. We do foresee users migrating to other stablecoins over time. And we will make product adjustments accordingly (…).

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Reynaldo Marquez

Reynaldo Marquez

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As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

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