{"id":18157,"date":"2023-02-28T00:03:50","date_gmt":"2023-02-28T00:03:50","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/coinbase-to-suspend-trading-of-busd-amid-regulatory-crackdown-bitcoin-news\/"},"modified":"2023-02-28T00:03:50","modified_gmt":"2023-02-28T00:03:50","slug":"coinbase-to-suspend-trading-of-busd-amid-regulatory-crackdown-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/coinbase-to-suspend-trading-of-busd-amid-regulatory-crackdown-bitcoin-news\/","title":{"rendered":"Coinbase to Suspend Trading of BUSD Amid Regulatory Crackdown \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Cryptocurrency exchange Coinbase announced it will suspend trading and delist the Paxos-managed stablecoin asset BUSD. The decision follows Paxos\u2019 revelation that the New York State Department of Financial Services directed the firm to stop issuing the U.S. dollar-pegged token BUSD.<\/strong><\/p>\n

Coinbase to Suspend BUSD Stablecoin on March 13<\/h2>\n

On Feb. 27, 2023, Coinbase announced that it will suspend trading of binance usd (BUSD) following a recent regulatory crackdown on the stablecoin by the New York State Department of Financial Services (NYDFS) on February 13. Reports<\/a> indicated that the U.S. Securities and Exchange Commission (SEC) sent Paxos a Wells Notice regarding BUSD on that day. Paxos confirmed in a press release that the NYDFS directed the regulated firm to stop issuing the stablecoin.<\/p>\n

\u201cWe 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,\u201d the company said in a tweet<\/a> published on Monday. \u201cTrading will be suspended on Coinbase.com (Simple and Advanced Trade), Coinbase Pro, Coinbase Exchange, and Coinbase Prime.\u201d<\/p>\n

Several crypto supporters commented on Coinbase\u2019s suspension of BUSD. \u201cWill you suspend USDC when Gary comes for that too?\u201d one person asked<\/a> in the thread. Others criticized Coinbase\u2019s timing of the stablecoin suspension. \u201cSo at what point did BUSD suddenly fail to meet your listing standards, and which standard specifically did it fail to meet?\u201d another person wrote<\/a> in response to the Coinbase tweet. According to the stablecoin\u2019s token contract at press time, statistics show that 177,125 unique wallets hold BUSD.<\/p>\n

Currently, BUSD is the 11th largest cryptocurrency by valuation after being removed<\/a> from the top ten crypto assets by market capitalization. Prior to Paxos\u2019 announcement on February 13, there were 16.1 billion BUSD in circulation. As of February 27, there are 10.73 billion<\/a> BUSD in circulation after 5.37 billion BUSD were removed from the number of tokens. Binance\u2019s reserve portfolio indicates that the exchange holds 8.64 billion BUSD, which represents 80.52% of the entire circulating supply.<\/p>\n

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Binance<\/a>, BUSD<\/a>, BUSD Coinbase<\/a>, circulating supply<\/a>, Coinbase<\/a>, Coinbase BUSD<\/a>, Crypto Supporters<\/a>, Cryptocurrency Exchange<\/a>, cryptocurrency market<\/a>, Delist<\/a>, delisting<\/a>, Impact<\/a>, listing standards<\/a>, March 13<\/a>, Market Capitalization<\/a>, NYDFS<\/a>, Paxos<\/a>, regulatory crackdown<\/a>, reserve portfolio<\/a>, SEC<\/a>, Stablecoin<\/a>, suspension<\/a>, timing<\/a>, token contract<\/a>, Trade Suspension<\/a>, trading<\/a>, USDC<\/a>, valuation<\/a>, Value<\/a>, Wallets<\/a>, wells notice<\/a>, wider market<\/a><\/div>\n<\/div>\n

What impact do you think Coinbase\u2019s suspension of BUSD will have? Share your thoughts about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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