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Seeking Alpha 2023-03-01 18:13:21

Coinbase CEO Brian Armstrong says exchange delisting BUSD on liquidity worries

Coinbase CEO Brian Armstrong says exchange delisting BUSD on liquidity worries
Coinbase Global ( NASDAQ: COIN ) CEO Brian Armstrong said Wednesday that the cryptocurrency exchange will halt trading for Binance USD ( BUSD-USD ) due to concerns about the stablecoin's liquidity, he told Bloomberg in an interview. In February, Paxos Trust was ordered by the New York Department of Financial Services to stop minting tokens of Binance-branded BUSD ( BUSD-USD ). The largest crypto trading platform in the U.S. ( COIN ) had previously cited its own monitoring of "the assets on our exchange to ensure they meet all listing standards" as a fuzzy reason for delisting BUSD ( BUSD-USD ), slated for March 13. Delisting the token is necessary as "we were concerned about liquidity issues for our customers,” Armstrong told Bloomberg . In addition to the NYDFS order, the U.S. Securities and Exchange Commission is reportedly looking to sue Paxos over breaching investor protection laws .
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