The Binance USD stablecoin’s trade has been suspended, according to an announcement from US-based cryptocurrency exchange Coinbase.
On February 27, the exchange claimed “listing standards” as the justification for its choice to stop allowing BUSD trading on March 13.
The announcement from February stated:
“We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on our listing standards. Based on our most recent reviews, the trading of Binance USD (BUSD) will be suspended on March 13, 2023, on or around 12pm ET”
The decision to stop allowing trading in BUSD will affect Coinbase.com (basic and advanced), Coinbase Pro, the crypto Exchange, and Coinbase Prime, according to a tweet thread from the exchange on February 27.
Your BUSD funds will remain accessible to you, and you will continue to have the ability to withdraw your funds at any time.” the exchange informed its users on March 13.
When the crypto exchange first announced on February 27 that it would stop allowing trading in BUSD on March 13, a representative outlined the following:
“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.”
On March 8, the crypto exchange unveiled a brand-new commercial product called wallet-as-a-service (WaaS) to help businesses provide Web3 wallets to their clients. With technical infrastructure provided by the WaaS, businesses can design and introduce customisable on-chain wallets.
Furthermore, WaaS’s wallet application programming interface (API) enables companies to build wallets for straightforward user onboarding, loyalty schemes, or in-game purchases.
The United States Securities and Exchange Commission (SEC) recently cracked down on staking services provided by centralized providers, but Coinbase informed its clients that its staking services will remain and “may actually increase” on March 11.
