Coinbase is going to Suspend (BUSD) Binance USD Stablecoin
Seems like BUSD is still not in the good zone as we have seen some SEC issues with this stablecoin. The Binance founder has tried his best to answer and provide all the information to SEC and even users to maintain the community's trust. That matter got settled it seems but there is other news about BUSD from the Coinbase exchange.
The coin base exchange has announced that they are going to delist this stablecoin because it's not meeting their listing standard. We know that every exchange follows certain guidelines for listing the coin on their platform and seems like BUSD is missing that as per coinbase exchange. This will be affecting the listing of 4 entities by coinbase exchange including coinbase.com, coinbase Pro, coinbase exchange, and Coinbase prime. Altogether they are going to deal with all the entities that they have and for sure it will make things difficult for the users on their platform.
Such things happened in the market and this is not the first time but seems the coinbase is in hurry to take this step. BUSD is a binance exchange stable coin but it's managed by Paxos and after the sec issue they stopped minting for this stablecoin. There is hardly any effect on the price of BNB coin as it's trading at the same price range.
There are multiple stablecoins in the market but BUSD has got a good market cap and is even trusted by the community. I am not sure how it's going to affect the community but other than coinbase there is no news from other exchanges about the BUSD delisting.
We have also seen multiple issues with USDT in the past and tether has always managed to deal with the situation and probably this is the reason why it's the biggest stable coin on the crypto market. I do not have any holding on the coin base so even if they are going to do it soon then also I am not affected. I believe this is something that coinbase is going to do is not a good move as other exchanges are not doing anything like this. It is a stablecoin and they are multiple alternatives in the market as of now so people will be able to go with that whenever the option for BUSD will not be available.
As of now, the exchange has not mentioned the exact about this delisting but I hope that this is going to happen soon for maybe the next couple of days.
Thank you
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