From March 13, 2023, the American bitcoin exchange Coinbase will stop trading in the stablecoin Binance USD (BUSD).
We 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.
— Coinbase Assets (@CoinbaseAssets) February 27, 2023
According to CoinMarketCap, the capitalization of BUSD fell to $10.7 billion (-$5.4 billion since February 13). At the time of writing, the asset is ranked 10th in the ranking.
Earlier, the Aave landing protocol community decided to consider a proposal to freeze the use of BUSD as collateral.
This comes after the New York State Department of Financial Services (NYDFS) launched an investigation into Binance USD issuer Paxos.
Later, its representatives announced a halt in the issuance of new coins in accordance with the requirements of the regulator and a break in cooperation with Binance regarding the stablecoin. The firm will continue to support buyout and conversion operations until at least February 2024.
It also became known about the threats SEC sue Paxos for violating securities laws when issuing BUSD.
According to Bloomberg, Circle filed a complaint with the NYDFS in 2022 regarding the quality of its stablecoin reserve management.
In February, Binance CEO Changpeng Zhao predicted an expansion in the number of non-dollar stablecoins.
Source: Cryptocurrency
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