Coinbase is set to delist the Binance USD (BUSD) stablecoin, indicating that the offering from the rival exchange does not meet its internal listing standards.
Trading for BUSD will be suspended on March 13 across Coinbase.com, Coinbase Pro, Coinbase Exchange, and Coinbase Prime. Coinbase announced via Twitter: “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 Binance USD (BUSD) on March 13, 2023, on or around 12pm ET.”
Additionally, Coinbase has its own native stablecoin, USDC. BUSD is currently facing regulatory scrutiny, as the New York Department of Financial Services recently instructed blockchain infrastructure provider Paxos to halt the minting of the stablecoin. Furthermore, the SEC has indicated to Paxos that it may recommend an action claiming that BUSD is a security, suggesting that the offering should have been registered under federal securities laws.