Coinbase Suspends BUSD Trading After Stablecoin Fails To Meet Listing Requirements

Cryptocurrency exchange Coinbase COIN on Monday announced that it will suspend trading of stablecoin Binance USD BUSD/USD on March 13 this year, due to non-compliance with the platform's listing requirements.

The decision was made following a recent review of assets listed on the exchange, in which BUSD was found to fall short of the criteria for inclusion.

Coinbase stated that it regularly monitors the assets on its platform to ensure that they meet its listing standards.

See Also: Platypus Finance Hacking Suspects Arrested By French Police: Here's How They Were Identified

The suspension of BUSD trading will take effect on or around 12pm ET.

BUSD is a stablecoin pegged to the US dollar that was launched by Binance, another major cryptocurrency exchange, in 2019.

It is among several stablecoins that have gained popularity in recent years due to their relatively low volatility and ability to maintain a stable value.

According to Coinbase, users will be able to access and withdraw their BUSD funds at any time despite the suspension of trading on Coinbase.com, Coinbase Pro, Coinbase Exchange, and Coinbase Prime.

Next: Huobi, KuCoin Under Scrutiny For Doing Business With Russian Banks - Report