Top American cryptocurrency exchange Coinbase has suspended trading for the Binance USD stablecoin (BUSD) as of Monday.
We have disabled trading for Binance USD (BUSD). Your BUSD funds will remain accessible to you, and you will continue to have the ability to withdraw your funds at any time. https://t.co/jfpCZX7UTC
— Coinbase Assets (@CoinbaseAssets) March 13, 2023
Coinbase’s recent move comes after its CEO, Brian Armstrong cited BUSD’s liquidity concerns in February.
The decision was likely taken after Paxos, the company that issues Binance USD, stopped minting the stablecoin. A direct result of the regulatory actions by the New York Department of Financial services and the federal Securities and Exchange Commission.
However, users holding BUSD will still be able to withdraw their assets at any time, said Coinbase.
