Coinbase disables trading for BUSD

US-based cryptocurrency speech Coinbase announced the suspension of trading for the Binance  USD (BUSD) stablecoin connected March 13 via Twitter. 

We person disabled trading for Binance USD (BUSD). Your BUSD funds volition stay accessible to you, and you volition proceed to person the quality to retreat your funds astatine immoderate time. https://t.co/jfpCZX7UTC

— Coinbase Assets (@CoinbaseAssets) March 13, 2023

On Feb 27, Coinbase cited “listing standards” arsenic the crushed down its determination to disable trading for BUSD connected March 13. The February announcement read; 

We regularly show the assets connected our speech to guarantee they conscionable our listing standards. Based connected our astir caller reviews, Coinbase volition suspend trading for Binance USD (BUSD) connected March 13, 2023, connected oregon astir 12pm ET.

According to Coinbase’s Feb 27 Twitter thread, the determination to disable trading for BUSD volition use to Coinbase.com (simple and advanced), Coinbase Pro, Coinbase Exchange and Coinbase Prime. On March 13  Coinbase assured its customers “ Your BUSD funds volition stay accessible to you, and you volition proceed to person the quality to retreat your funds astatine immoderate time.”

On Feb 27, erstwhile Coinbase intitally announced it's volition to disable trading for BUSD connected March 13,  a Coinbase spokesperson explained Cointelegraph:

“Our determination to suspend trading for BUSD is based connected our ain interior monitoring and reappraisal processes. When reviewing BUSD, we determined that it nary longer met our listing standards and volition beryllium suspended.” 

Related: Coinbase CEO ponders banking features aft Silicon Valley Bank crisis

On March 8, Coinbase introduced a caller concern solution called wallet-as-a-service (WaaS) to assistance enterprises successful offering Web3 wallets to their customers. The WaaS provides customizable on-chain wallets done method infrastructure, enabling enterprises to make and motorboat these wallets. Additionally, the wallet exertion programming interface (API) provided by WaaS allows businesses to make wallets for elemental lawsuit onboarding, loyalty programs oregon in-game purchases.

On March 11, Coinbase assured its customers that its staking services volition proceed and “may really increase,” contempt the caller crackdown by the United States Securities and Exchange Commission (SEC) connected staking services offered by centralized providers.