• Coinbase announced that it will suspend Binance USD (BUSD) trading starting March 13 at noon Eastern Time.
• The suspension will include Coinbase.com, Coinbase Pro, Coinbase Exchange and Coinbase Prime platforms.
• The SEC had requested Paxos to halt further BUSD production on Feb. 13, claiming it violated securities and investor protection laws.
Coinbase Suspending BUSD Trading
Coinbase has announced that it will suspend trading for Binance USD (BUSD) on March 13th, 2023 at 12pm ET. This suspension applies to all Coinbase services including Coinbase.com, Coinbase Pro, Coinbase Exchange and Coinbase Prime platforms.
The SEC’s Involvement
The Securities and Exchange Commission (SEC) had requested Paxos to halt further BUSD production on February 13th due to the violation of security and investor protection laws. In response, Paxos stated that they will cease BUSD mining starting February 21st.
Consequences of the Suspension
As a result of the suspension announcement by Coinbase, between February 13th and 17th, Binance lost 16% of its BUSD holdings; in addition over $2 billion worth of idle BUSD was burnt in the last seven days on the BNB Chain.
Zeynep Geylan’s Opinion
Journalist Zeynep Geylan believes crypto has a strong social impact and transmuting power: „I am especially interested in the social impact of blockchain and cryptocurrencies and strongly believe in their transmuting power.“
Conclusion
Ultimately, despite these recent developments with regard to BUSD trading being suspended by Coinbase as well as Paxos halting further production of BUSD tokens, CryptoSlate predicts that industry could reach up to 1 billion users by 2025 if growth occurs at even a conservative rate.
