BUSD Red Flags Increase as Coinbase to Suspends Trading

U.S. crypto exchange Coinbase confirmed earlier today that it would suspend trading for BUSD starting at noon ET on March 23, 2023.

Following recent reviews, the exchange said that it would suspend trading for the Binance-branded stablecoinStablecoins are a class of cryptocurrency that aims to provide price stability.  A perceived drawback of cryptocurrency is price volatility. Value wildly spikes and falls, discouraging many people from adopting the virtual currency. Stablecoins were designed to address this issue,…Know more token next month.

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 BinanceThere are many cryptocurrency exchanges and wallets that provide great features for trading and investment, but one of the main platforms is Binance. Founded by Changpeng Zhao, a developer who built a number of different investment tools, the platform has…Know more USD (BUSD) on March 13, 2023, on or around 12pm ET.

— Coinbase Assets (@CoinbaseAssets) February 27, 2023

The announcement comes as a red flag for the token, given recent allegations by the U.S. Securities and Exchange Commission that BUSD is a securityThere are many benefits of Bitcoin, one of many is the unprecedented freedom which it provides from banks through its technology. This is a revolutionary idea, no more banks needed. Here you’ll find all the basic crypto security tips you…Know more. Coinbase has previously said that it thoroughly evaluates a token’s potential as a security before listing it on the exchange. 

This is a developing story.

Disclaimer

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.