JAKARTA – Leading crypto exchange, Coinbase, will suspend trading on Binance USD (BUSD) starting March 13th. Coinbase announced the decision through its official Twitter account.
"We regularly monitor assets on our exchanges to ensure they meet our listing standards. Based on our most recent review, Coinbase will be suspending trading in Binance USD (BUSD) on March 13, 2023, at or about 12 noon ET," Coinbase wrote.
While users will still be able to access and withdraw their BUSD holdings after March 13th, this suspension will cover the Coinbase.com, Coinbase Pro, Coinbase Exchange, and Coinbase Prime platforms. This decision will certainly have an impact on BUSD trading activity on the Coinbase platform.
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Previously, BUSD also experienced several problems. On February 13, the Securities and Exchange Commission (SEC) asked Paxos to stop further production of BUSD, claiming that Paxos violated securities and investor protection laws.
Paxos then responded to the request by stopping the minting of the BUSD stablecoin from February 21. In the past seven days, Binance has also burned US$2 billion (around IDR 30.5 trillion) in unused BUSD on the BNB Chain, having lost 16 percent of its holdings between February 13 and 17.
These issues have thrown BUSD into some tough times in the last few weeks. This condition triggered a decrease in the third-largest stablecoin market capitalization in the world.
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