• Crypto exchange Coinbase will suspend Binance USD (BUSD) trading starting March 13 at noon Eastern Time.
• The SEC requested Paxos to halt further BUSD production on Feb. 13, claiming violations of securities and investor protection laws.
• Between Feb. 13 and Feb. 17, Binance lost 16% of its BUSD holdings, with over $2 billion idle BUSD burned on the BNB Chain in the last seven days.
Coinbase Suspending BUSD Trading
Crypto exchange Coinbase announced via their official Twitter account that they will be suspending the trading of Binance USD (BUSD) starting March 13 at noon Eastern Time. This suspension will include Coinbase.com, Coinbase Pro, Coinbase Exchange, and Coinbase Prime platforms for users to access and withdraw their holdings from after Mar. 13.
SEC Requests Paxos To Halt Further Production
The Securities and Exchange Commission (SEC) requested Paxos to halt any further production of the stablecoin on Feb. 13 due to violations against securities and investor protection laws.
Binance Loses 16% Of Its Holdings
Between Feb.13 and Feb 17th, there was a notable decrease in total holdings of the coin as it dropped by 16%. In an effort to counter this loss over $2 billion idle BUSD have been burned on the BNB chain in the last seven days alone..
Impact On Users
Users will still be able to access their funds held in the stablecoin even after trading is suspended but they will no longer be able to trade them on or around 12pm ET March 13th when it takes effect officially..
Overall this news has come as a shock for many especially for those who were actively trading these digital assets but nonetheless users are still able to access their funds held within these tokens without issue so long as they take appropriate security measures into consideration as always when dealing with digital assets online .