Coinbase Officially Suspends Binance USD Stablecoin Trading

On Monday, cryptocurrency exchange Coinbase (COIN) confirmed the suspension of trading for Binance USD (BUSD) stablecoin. This move was initially announced in February, with Coinbase CEO Brian Armstrong citing concerns over liquidity. The decision to delist BUSD was made after the company that issues the stablecoin, Paxos, ceased its minting due to regulatory action taken by the New York Department of Financial Services and the federal Securities and Exchange Commission. However, users who possess BUSD can still withdraw their assets at any time, as per Coinbase's announcement.