Coinbase ends support for trading Binance USD

abdelaziz Fathi

Coinbase has officially delisted Binance-branded token BUSD, the world’s third largest stablecoin, citing a recent review of its listed assets to remove those that no longer meet its standards.

Coinbase

In a pair of tweets, the exchange said the suspension will affect Coinbase.com, Coinbase Pro, Coinbase Exchange, and Coinbase Prime platforms. However, the token holders will still be able to access their BUSDs and withdraw them at any time.

Coinbase explained that an internal committee called “Digital Asset Listing Group” votes on what’s available for trading on the platform. The company highlighted that CEO Brian Armstrong as well as other global board members are not part of the committee.

Coinbase tweeted that “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.”


Binance, the world’s largest cryptocurrency exchange by trading volumes, launched its native stablecoin back in 2019. BUSD was built in association with US-based Paxos, which serves as its issuer as well as custodian of fiat reserves. Since then, the $16 billion stablecoin has been up for direct purchase and redemption on the Paxos platform, as well as for trading on Binance.com and other exchanges.

The development comes shortly after the New York Department of Financial Services (NYDFS) ordered Paxos Trust Co., which has its own stablecoin, Pax dollar (USDP), to stop minting any new BUSDs. To assure holders, Binance said that Paxos will continue to manage redemptions of BUSDs.

The SEC also plans to sue Paxos for violating investor protection rules. The issuer was already told of the planned enforcement action as the regulator claims that Binance USD is an unregistered security.

Pasox has refuted the SEC’s claims and noted that it” categorically disagrees with the SEC staff because BUSD is not a security under the federal securities laws.” The company added that the SEC Wells notice pertains only to BUSD and there are no other allegations against its business.

Although the issuer said it will contest the regulatory claims, the legal battle with the SEC could take years if the company fights the order in court. As such, those who keep BUSD listed on their platforms may be at risk of being sued and fined if the SEC wins its case and the court deems the stablecoin unregistered securities.

Read this next

blockdag

BlockDAG’s $19.8M Presale & Moon Keynote Teaser Place It Above KANG, SOL, & ARB as the Top Crypto Investment in 2024

Uncover the success behind BlockDAG’s $19.8M presale and learn what’s making it a more compelling investment than KangaMoon, Solana, and Arbitrum.

Fintech

Revolut taps TikTok exec to drive £300 million ad revenue

Fintech giant Revolut is exploring new revenue streams by planning to share customer data with advertising partners.

Chainwire

Zircuit Staking Soars Past $2B TVL In Only 2 Months

Zircuit, a ZK rollup with parallelized circuits and AI-enabled security, today announced that its staking program has soared past $2B in TVL in only 2 months. 

Retail FX

PrimeXBT joins Financial Commission’s membership roster

The Financial Commission, an independent external dispute resolution (EDR) body, today announced the addition of cryptocurrency trading firm PrimeXBT as its latest member effective March 6, 2024.

Digital Assets

Ripple wants to reduce SEC’s $2 billion penalty to $10 million

Ripple Labs has responded to the U.S. Securities and Exchange Commission’s (SEC) recent demand for $2 billion in penalties, arguing that the amount should be substantially reduced to $10 million. The legal stance was disclosed in a court document filed late Monday.

blockdag

Analysts Go Bullish On BlockDAG After Its Surge to $0.005 And Unique Developer Platform That Goes Beyond Ethereum & BONK

Discover how BlockDAG’s unique low-code and no-code platforms offer more adaptability than Ethereum’s bull run and BONK’s fluctuating prices.

Tech and Fundamental, Technical Analysis

WTI crude oil Technical Analysis Report 23 April, 2024

WTI crude oil can be expected to rise further toward the next major resistance level 86.00, which has been reversing the price from October.

Digital Assets

Binance Debuts Spot Copy Trading Feature in Its Expanding Automated Trading Portfolio

Explore Binance’s latest innovation in trading technology with the rollout of Spot Copy Trading, now available within their comprehensive automated trading toolkit.

Financewire

Changelly launches Probably Serious Quiz introducing 0% fee swaps of USDt on TON and Toncoin

Changelly, a global crypto exchange, lists USDt on TON, a newly launched stablecoin created in the wake of a strategic collaboration between Tether and The Open Network.

<