Coinbase has recently announced that the exchange is planning to suspend the trading of Binance USD (BUSD). The exchange mentioned on Twitter that trading will be suspended on March 13, 2023, at or around 12:00 p.m. EST.
“Trading will be suspended on Coinbase.com (Simple and Advanced Trade), Coinbase Pro, Coinbase Exchange, and Coinbase Prime. Your BUSD funds will remain accessible to you, and you will continue to have the ability to withdraw your funds at any time,” further stated.
The exact reason for the delisting has not been revealed yet. The exchange has also noted that they have been regularly monitoring the assets on the exchange to ensure they all meet the listing standards.
Commenting on this, a Coinbase spokesperson stated, “Our determination to suspend trading for BUSD is based on our own internal monitoring and review processes. When reviewing BUSD, we determined that it no longer met our listing standards and will be suspended.”
According to the Coinbase website, its digital asset listings group votes on assets to be listed on the exchange, informed by a rigorous vetting/review process that evaluates assets against legal, compliance, and technical security standards.
In addition, there are additional business assessments and ongoing monitoring to ensure an asset continues to meet standards.