Coinbase to Suspend Trading of BUSD Amid Regulatory Crackdown – Bitcoin News
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Coinbase, one of the world’s largest cryptocurrency exchanges, has announced that it will suspend trading of BUSD, a stablecoin backed by Binance, due to regulatory concerns. The news comes as the exchange has faced increased scrutiny from regulators in the US and abroad.
The suspension of BUSD trading on Coinbase is part of the exchange’s ongoing effort to ensure compliance with applicable laws and regulations. Coinbase has recently faced increased scrutiny from regulators in the US and abroad, including the US Securities and Exchange Commission (SEC). The exchange has also been subject to criticism from some in the crypto community for its decision to delist certain tokens, such as XRP, from its platform.
In a blog post announcing the suspension, Coinbase said that it had “determined that BUSD does not meet the standards for listing on Coinbase, and as a result, we will be suspending trading of BUSD on Coinbase Pro and Coinbase.com effective immediately.”
The exchange also noted that it had “reviewed the legal and regulatory landscape” and found that BUSD was not compliant with applicable laws and regulations. Coinbase said that it had reached out to Binance to discuss the issue, but that it had not received a satisfactory response.
The suspension of BUSD trading on Coinbase comes at a time when regulators around the world are taking a hard line on the cryptocurrency industry. In the US, the SEC has been cracking down on cryptocurrency exchanges and other entities operating in the space. The agency has also been taking a closer look at stablecoins, which have become increasingly popular as a way to store and transfer value.
The suspension of BUSD trading on Coinbase is likely to have a significant impact on the stablecoin’s price and liquidity. BUSD is currently the third-largest stablecoin by market cap and is used by a number of exchanges, including Binance and Huobi.
Coinbase’s decision to suspend trading of BUSD is a reminder that the cryptocurrency industry is still in its infancy and that regulators are taking a closer look at the space. As the industry continues to evolve and mature, exchanges will need to ensure they are compliant with all applicable laws and regulations.
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