US-based cryptocurrency exchange Coinbase announced the suspension of trading for its stablecoin Binance USD (BUSD) on March 13 via Twitter.
We have disabled trading for Binance USD (BUSD). Your BUSD funds will remain accessible, and you will continue to have the ability to withdraw funds at any time. https://t.co/jfpCZX7UTC
— Coinbase Assets (@CoinbaseAssets) March 13, 2023
On Feb 27, Coinbase cited “listing standards” as the reason behind the decision to shut down trading for BUSD on March 13. The February announcement read;
We regularly monitor assets on the exchange to ensure they meet our listing standards. Based on our latest review, Coinbase will suspend trading for Binance USD (BUSD) on March 13, 2023, at or around 12pm ET.
According to Coinbase’s Feb 27 Twitter Thread, the decision to disable trading for BUSD will apply to Coinbase.com (simple and advanced), Coinbase Pro, Coinbase Exchange and Coinbase Prime. On March 13 Coinbase assured its customers “Your BUSD funds will remain accessible to you, and you will continue to have the ability to withdraw your funds at any time.”
On February 27, when Coinbase intimately announced its intention to shut down trading for BUSD on March 13, a Coinbase spokesperson explained to Cointelegraph:
“Our determination to suspend trading for BUSD is based on our own internal monitoring and review process. During our review of BUSD, we determined that BUSD no longer meets listing standards and will be suspended.
Related: Coinbase CEO ponders banking features after Silicon Valley Bank crisis
On March 8, Coinbase introduced a new business solution called wallet-as-a-service (WaaS) to help companies provide Web3 wallets to their customers. WaaS provides customizable on-chain wallets through technical infrastructure, allowing companies to create and launch such wallets. In addition, the wallet application programming interface (API) provided by WaaS allows businesses to create wallets for simple customer onboarding, loyalty programs or in-game purchases.
On March 11, Coinbase assured its customers that staking services will continue and “may increase,” despite recent violations by the United States Securities and Exchange Commission (SEC) regarding staking services offered by centralized providers.