Coinbase, a leading U.S. crypto exchange, announced that it would suspend the trading of Binance USD (BUSD). The decision comes right when the U.S. Securities and Exchanges Commission (SEC) labeled the stablecoin as a security. Notably, Coinbase is the first major U.S.-based crypto exchange to distance itself from the stablecoin after regulatory action was brought to light.
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The crypto exchange stated that it would pause BUSD trading on March 13, 2023. This suspension would apply to Coinbase.com, Coinbase Pro, Coinbase Exchange, and Coinbase Prime. The American crypto exchange further stated that users would be able to withdraw their coins at any time. The exchange said,
“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 story is still developing.