Coinbase users are assured that their BUSD funds will remain accessible and can be withdrawn at any time. On March 13, the Binance USD (BUSD) stablecoin’s trading on the Coinbase cryptocurrency exchange in the United States was halted.
We have disabled trading for Binance USD (BUSD). Your BUSD funds will remain accessible to you, and you will continue to have the ability to withdraw your funds at any time. https://t.co/jfpCZX7UTC
— Coinbase Assets (@CoinbaseAssets) March 13, 2023
“Listing standards” were stated by Coinbase as the reason for its decision in its original announcement on February 27. The February announcement stated:
“We keep monitoring that the assets listed on our exchange adhere to our listing guidelines”. On March 13, 2023, at or around 12 p.m. ET, Coinbase will stop trading Binance USD (BUSD) based on our most recent evaluations.
The decision is applicable to Coinbase.com (simple and advanced), Coinbase Pro, Coinbase Exchange, and Coinbase Prime, according to Coinbase’s Twitter thread from February 27. “Your BUSD funds will remain accessible to you, and you will continue to be able to withdraw your assets at any moment,” Coinbase informed its users on March 13.
The following was stated by a Coinbase spokesperson:
“Our internal monitoring and review processes served as the foundation for our decision to halt trading for BUSD. BUSD will be suspended after our evaluation indicated that it no longer complied with our listing standards.”
On March 8, Coinbase announced a brand-new commercial product called wallet-as-a-service (WaaS) to help businesses provide Web3 wallets to their clients. WaaS offers a technical infrastructure that makes it possible for businesses to design and introduce customised on-chain wallets. Moreover, WaaS’s wallet API enables companies to develop wallets for simple customer onboarding, loyalty schemes, or in-game purchases.
Customers of Coinbase were given the reassurance on March 11 that their staking services would continue and “may actually increase” despite the current crackdown by the US Securities and Exchange Commission on staking services provided by centralized providers.