• Leading crypto exchange Coinbase halts trading for BUSD token, not long after minting of minting new units of the token was halted.
• Coinbase takes necessary steps to avoid sanctions from the U.S. SEC. 

According to a recent update from Coinbase, the largest cryptocurrency exchange in the United States, BUSD trading will soon be halted on the exchange platform.

In the tweet, Coinbase disclosed that the move was made in a bid to monitor the assets listed on the cryptocurrency exchange. This routine check is typically done on the platform to ensure that assets that do not meet the requirements of Coinbase are pulled off.

Although there has been no update of when the suspension will be lifted, the tweet stated that trading for Binance USD (BUSD) on the platform will be halted on the 13th of March at 12pm ET.

We regularly monitor the assets on our exchange to ensure they meet our listing standards,” stated Coinbase. “Based on our most recent reviews, Coinbase will suspend trading for Binance USD (BUSD) on March 13, 2023, on or around 12pm ET.

Trading will also be halted on all three arms of the exchange platform. Traders do not have to worry about their existing funds on all platforms, as Coinbase will make it possible for holders to access their funds. Traders who are also looking to withdraw funds during the suspension period can carry out withdrawals freely.

Trading will be suspended on Coinbase.com (Simple and Advanced Trade), Coinbase Pro, Coinbase Exchange, and Coinbase Prime. Your BUSD funds will remain accessible to you, and you will continue to have the ability to withdraw your funds at any time.

Coinbase is working to remain on the SEC’s good side

The update was made on the Coinbase Assets Twitter.The reaction from the cryptocurrency Twitter ecosystem has reflected disappointment from some BUSD traders.

The update comes not long after Coinbase faced scrutiny from the U.S. Securities and Exchange Commissions, after the regulatory body claimed that the exchange was listing a good number of unregistered securities on its platform.

Coinbase has insisted that it doesn’t list securities as digital assets on its platform, despite recognizing that there is still no proper regulatory framework for digital securities in the United States. Following the accusations, Coinbase has remained intentional about the assets listed on its platform, while remaining committed to complying with any potential regulatory framework proposed in the future.

Coinbase has also been making rounds in the cryptocurrency market as rumors of the SEC planning to ban Cryptocurrency staking in the U.S. surfaced.

Brain Armstrong, the CEO of Coinbase has since responded, saying that he is hopeful that the rumors are false. The SEC’s decision to ban crypto staking in the U.S. for retail customers will be a terrible path for the U.S. if it happens, the CEO remarked.