Coinbase to halt trading of Binance USD for not meeting listing standards

Quick Take

  • Coinbase will suspend trading of Binance USD on March 13.
  • The exchange said that the stablecoin no longer met its listing standards.

Coinbase will suspend trading of Binance USD (BUSD) on March 13 at around noon EST.

The crypto exchange said the decision was based on its most recent review of the stablecoin, which Paxos recently stopped issuing following an order from a New York regulator.

"Our determination to suspend trading for BUSD is based on our own internal monitoring and review processes," a Coinbase spokesperson told The Block. "When reviewing BUSD, we determined that it no longer met our listing standards and will be suspended."

Customers will still have access to and be able to withdraw BUSD funds. However, trading will be suspended on Coinbase.com (Simple and Advanced Trade), Coinbase Pro, Coinbase Exchange, and Coinbase Prime, the exchange said.

Paxos got a Wells notice from the U.S. Securities and Exchange Commission (SEC) earlier this month alleging that it listed BUSD as an unregistered security. The stablecoin issuer said it "categorically disagrees" with the SEC's categorization but is in "constructive discussions" with the regulator. It also cut ties with Binance.


© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Catarina is a reporter for The Block based in New York City. Before joining the team, she covered local news at Patch.com and at the New York Daily News. She started her career in Lisbon, Portugal, where she worked for publications such as Público and Sábado. She graduated from NYU with a MA in Journalism. Feel free to email any comments or tips to [email protected] or to reach out on Twitter (@catarinalsm).

Editor

To contact the editors of this story:
Christiana Loureiro at
[email protected]
Nathan Crooks at
[email protected]