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Alternative Assets  + Crypto  + Crypto  + Markets  | 
Coinbase Will Suspend Binance USD Trading on March 13, Citing “Listing Standards”

Coinbase Will Suspend Binance USD Trading on March 13, Citing “Listing Standards”

Coinbase, the largest US centralized exchange by volume and a key rival of Binance, will end trading for Binance USD (BUSD) on March 13, as a growing number of cryptocurrency platforms respond to US regulators’ crackdown.

BUSD was launched in September 2019 as a collaboration between Binance and Paxos Trust Company. The Paxos-issued token became the target of both the SEC and the New York Department of Financial Services last month.

Coinbase cited internal review processes as one of the reasons for the decision to delist BUSD. The review determined that BUSD no longer met the exchange’s listing standards, according to a Twitter message. Regulatory pressure has been increasing on stablecoins, making it difficult for exchanges to continue trading them without facing legal risks.

Trading will be suspended from Coinbase.com, Coinbase Pro, Coinbase Exchange and Coinbase Prime. The decision comes two weeks after Paxos said it will stop minting the stablecoin. Users who hold BUSD on Coinbase will need to sell or transfer their tokens before the delisting takes effect.

The SEC reportedly issued a Wells Notice to Paxos informing the company of potential enforcement actions against it for violating federal investor protection laws.

BUSD is the third largest stablecoin by market capitalization after Tether and USD Coin. Coinbase’s own native stablecoin offering is USDC, which is issued in partnership with crypto firm Circle.

BUSD was created to peg to the US dollar, like USDT and USDT. Stablecoins have become increasingly popular in the crypto market because they offer a stable store of value that is not subject to the volatility of other cryptocurrencies like Bitcoin and Ethereum.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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