Binance USD Stablecoin to be delisted from Coinbase, trading will be halted from March 13: full details

Binance USD Stablecoin to be delisted from Coinbase, trading will be halted from March 13: full details

Binance USD Stablecoin to be delisted from Coinbase, trading will be halted from March 13: full details

>>> DOWNLOAD MP3 <<<

Coinbase, one of the largest crypto exchanges in the world, has decided to delist the stablecoin Binance USD (BUSD) from March 13. The move comes amid the BUSD token facing legal challenges in the United States. Paxos, the stablecoin issuer that owned and 100% managed the Binance USD stablecoin is facing a lawsuit from the Securities and Exchange Commission in the United States. Paxos was accused of issuing the BUSD token as an unregistered security, Paxos meanwhile denied the allegation.


“We have determined that BUSD does not currently meet our trading support standards,” a Coinbase spokesperson reportedly said, without giving details.

Launched in 2019, the BUSD stablecoin built on the Ethereum blockchain, currently has a market valuation of over $10 billion (roughly Rs. 87,987 crore). According to CoinMarketCap, the market capitalization of BUSD has fallen by 3% in the past 24 hours.

At the time of writing, each BUSD was trading at $1 (roughly Rs. 82), crypto price tracking by Gadgets 360 showed.

Coinbase claims on its website that its Digital Asset Listing Group has the right to vote for any cryptocurrency to be listed or delisted.

Assets are regularly scanned based on their legal status, technical security quotient as well as compliance with laws, violations of which could lead to delisting of assets from Coinbase.

The decision will be executed on Coinbase’s suite of services, including, Coinbase Pro, Coinbase Prime, as well as Coinbase Exchange.

Meanwhile, Coinbase will continue to allow its users to access and withdraw their BUSD funds despite its decision to delist the token. Users, however, will not be able to redeem the token on Coinbase after March 13.

BUSD issuer Paxos received a notice from the New York State Department of Financial Services earlier in February. The financial authority ordered Paxos to stop issuing BUSD tokens.

Shortly after the news broke, Coinbase had noted that stablecoins are not considered securities in the United States.

Tied to fiat currency like the US dollar or reserved assets like gold, stablecoins are crypto assets that lock their values ​​to their underlying assets.

This protects stablecoins against fluctuations in the volatile crypto industry compared to other assets.

Tether, USD Coin, and Ripple are some of the other popular stablecoins pegged to the US dollar, as is BUSD.

After facing headwinds in India last year, Xiaomi is ready to take on the competition in 2023. What are the company’s plans for its broad product portfolio and Make in India commitment in the country? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music, and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, which is not legal tender and is subject to market risk. The information provided in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss resulting from any investment based on any perceived recommendation, forecast or any other information contained in the article.

Affiliate links may be generated automatically – see our ethics statement for details.

For details on the latest launches and news from Samsung, Xiaomi, Realme, OnePlus, Oppo and more at Mobile World Congress Barcelona, ​​visit our MWC 2023 hub.


Do you find AfroNaija useful? Click here to give us five stars rating!

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button