{"id":581129,"date":"2023-02-27T16:23:48","date_gmt":"2023-02-27T16:23:48","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=581129"},"modified":"2023-02-27T17:20:13","modified_gmt":"2023-02-27T17:20:13","slug":"coinbase-suspend-busd-trading-march-13","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/coinbase-suspend-busd-trading-march-13\/","title":{"rendered":"Coinbase To Suspend Binance USD $BUSD Trading By Mar. 13"},"content":{"rendered":"\n<p>Summary: <\/p>\n\n\n\n<ul><li>Coinbase said that the Binance-branded stablecoin BUSD does not meet the listing standards on the major crypto exchange.<\/li><li>BUSD trading will be suspended on March 13, 2023, per an official tweet from the San Francisco-based company. <\/li><li>&#8220;BUSD funds will remain accessible to you,&#8221; said the exchange as withdrawals will continue.<\/li><\/ul>\n\n\n\n<p>Coinbase will discontinue trading support for the Binance-branded stablecoin BUSD by 12pm ET on Mar. 13, 2023. <\/p>\n\n\n\n<p>On Monday, the San Francisco-based crypto exchange said BUSD does not meet &#8220;our listing standards.&#8221; Also, BUSD trading will be suspended across a basket of product options including <a href=\"https:\/\/t.co\/Zkd27RUMRo\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Coinbase.com<\/a> (Simple and Advanced Trade), Coinbase Pro, Coinbase Exchange, and Coinbase Prime.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">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.<\/p>&mdash; Coinbase Assets (@CoinbaseAssets) <a href=\"https:\/\/twitter.com\/CoinbaseAssets\/status\/1630236377622228994?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">February 27, 2023<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Binance&#8217;s BNB coin dipped slightly on the news to $302 while BUSD remained pegged to $1 despite the announcement.  BUSD withdrawals will continue on the platform and users can access their balances until further notice. &#8220;&#8230;.you will continue to have the ability to withdraw your funds at any time.&#8221;, said the crypto exchange.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img width=\"890\" height=\"517\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/02\/BNBUSDT_2023-02-27_17-50-54.png\" alt=\"\" class=\"wp-image-581138\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/02\/BNBUSDT_2023-02-27_17-50-54.png 890w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/02\/BNBUSDT_2023-02-27_17-50-54-300x174.png 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/02\/BNBUSDT_2023-02-27_17-50-54-770x447.png 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/02\/BNBUSDT_2023-02-27_17-50-54-269x156.png 269w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/02\/BNBUSDT_2023-02-27_17-50-54-746x433.png 746w\" sizes=\"(max-width: 890px) 100vw, 890px\" title=\"\"><figcaption><a href=\"https:\/\/www.tradingview.com\/symbols\/BNBUSDT\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/www.tradingview.com\/symbols\/BNBUSDT\/\" rel=\"noreferrer noopener\">BNB\/USDT by TradingView<\/a><\/figcaption><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img width=\"619\" height=\"266\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/02\/BUSD_1D_graph_coinmarketcap-1.png\" alt=\"\" class=\"wp-image-581139\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/02\/BUSD_1D_graph_coinmarketcap-1.png 619w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/02\/BUSD_1D_graph_coinmarketcap-1-300x129.png 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2023\/02\/BUSD_1D_graph_coinmarketcap-1-269x116.png 269w\" sizes=\"(max-width: 619px) 100vw, 619px\" title=\"\"><figcaption><a href=\"https:\/\/coinmarketcap.com\/currencies\/binance-usd\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/coinmarketcap.com\/currencies\/binance-usd\/\" rel=\"noreferrer noopener nofollow\">BUSD\/USD by CoinMarketCap<\/a><\/figcaption><\/figure>\n\n\n\n<h2>Paxos Tussles With SEC AS Coinbase Shutters BUSD Trading <\/h2>\n\n\n\n<p>The news comes amid <a href=\"https:\/\/en.ethereumworldnews.com\/sec-binance-stablecoin-paxos-busd\/\" data-type=\"URL\" data-id=\"https:\/\/en.ethereumworldnews.com\/sec-binance-stablecoin-paxos-busd\/\" target=\"_blank\" rel=\"noreferrer noopener\">legal pressure<\/a> from federal and state regulators on Paxos, a crypto trust company and the issuer of BUSD. Indeed, the U.S. Securities and Exchange Commission, under Gary Gensler, served Paxos a Wells notice.<\/p>\n\n\n\n<p>Gensler&#8217;s commission <a href=\"https:\/\/en.ethereumworldnews.com\/sec-binance-stablecoin-paxos-busd\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/en.ethereumworldnews.com\/sec-binance-stablecoin-paxos-busd\/\" rel=\"noreferrer noopener\">accused<\/a> the crypto trust co violating investor protection law. Paxos voiced disagreement with the notice and prepared to &#8220;<a href=\"https:\/\/en.ethereumworldnews.com\/paxos-legal-action-sec-for-wells-notice\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/en.ethereumworldnews.com\/paxos-legal-action-sec-for-wells-notice\/\" rel=\"noreferrer noopener\">litigate if necessary<\/a>&#8220;. Paxos CEO Charles Cascarilla <a href=\"https:\/\/en.ethereumworldnews.com\/busd-issuer-paxos-in-discussion-u-s-sec\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/en.ethereumworldnews.com\/busd-issuer-paxos-in-discussion-u-s-sec\/\" rel=\"noreferrer noopener\">told<\/a> employees that the crypto company was in constructive discussions with the SEC. <\/p>\n\n\n\n<p>New York&#8217;s Department of Financial Services (NYDFS) ordered Paxos to cease minting or issuing new BUSD tokens. However, redemptions for BUSD&#8217;s $10.7 billion circulating supply will <a href=\"https:\/\/en.ethereumworldnews.com\/paxos-busd-binance-redemptions-till-2024\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/en.ethereumworldnews.com\/paxos-busd-binance-redemptions-till-2024\/\" rel=\"noreferrer noopener\">reportedly<\/a> continue until at least February 2024. <\/p>\n\n\n\n<p>Crypto&#8217;s third-largest stablecoin was the latest digital asset player on the SEC&#8217;s radar. Gensler&#8217;s commission also launched enforcement action against crypto exchange Kraken for its staking services. Kraken was <a href=\"https:\/\/www.forbes.com\/sites\/mitchellmartin\/2023\/02\/09\/kraken-ends-us-crypto-staking-to-settle-sec-charges\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/www.forbes.com\/sites\/mitchellmartin\/2023\/02\/09\/kraken-ends-us-crypto-staking-to-settle-sec-charges\/\" rel=\"noreferrer noopener\">fined<\/a> $30 million and announced plans to shut down its staking business in the U.S. <\/p>\n\n\n\n<p>The Kraken development emerged hours after Coinbase CEO Brian Armstrong tweeted that the SEC could crack down on crypto stakers currently servicing U.S. retail investors. Following the news, SEC Commissioner Hester Pierce AKA &#8216;crypto mom&#8217; <a href=\"https:\/\/en.ethereumworldnews.com\/pierce-lambasts-sec-kraken-decision\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/en.ethereumworldnews.com\/pierce-lambasts-sec-kraken-decision\/\" rel=\"noreferrer noopener\">dissented<\/a> from Gensler&#8217;s enforcement action. <\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">1\/ We&#39;re hearing rumors that the SEC would like to get rid of crypto staking in the U.S. for retail customers. I hope that&#39;s not the case as I believe it would be a terrible path for the U.S. if that was allowed to happen.<\/p>&mdash; Brian Armstrong (@brian_armstrong) <a href=\"https:\/\/twitter.com\/brian_armstrong\/status\/1623459203150131201?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">February 8, 2023<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Coinbase said BUSD does not meet listing standards shortly after Paxos was ordered to stop minting the Binance-branded stablecoin. <\/p>\n","protected":false},"author":55,"featured_media":581140,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[825,2,26],"tags":[1119,108066,130,2014,108749],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/581129"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=581129"}],"version-history":[{"count":4,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/581129\/revisions"}],"predecessor-version":[{"id":581142,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/581129\/revisions\/581142"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/581140"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=581129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=581129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=581129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}