The American crypto exchange will no longer allow trader from Binance USD (BUSD) as of March 13th.
Late Monday, on Twitter, Coinbase announced suspending trading of BUSDthe stablecoin launched by its rival Binance, from the mid-March.
We regularly monitor our exchange assets to ensure they meet our listing standards. Based on our most recent analysis, Coinbase will suspend trading in Binance USD (BUSD) on March 13, 2023″, tweeted the San Francisco-based company.
The suspension of trading will be effective on Coinbase.com but also on the other products of the exchange, namely Coinbase Pro, Coinbase Exchange and Coinbase Prime.
“Your BUSD will remain accessible and you will continue to have the option to withdraw them at any time,” Coinbase says.
The announcement comes as the American authorities earlier this month banned Paxos, Binance’s BUSD partner, from issuing new digital coins.
Since then, the market capitalization of stablecoin has shrunk to about $10 billion compared to 16 before the regulators’ ban. Naturally, the capitalization of the other major stable tokens, including USDT, has, by contrast, increased.
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