© Reuters
Investing.com – Coinbase Global Inc (NASDAQ:), one of the world’s leading cryptocurrency exchanges, has announced that it will remove competitor Binance from its platform.
The move follows an internal review process that found BUSD did not meet Coinbase’s listing standards. As a result of this decision, trading with the token on all Coinbase platforms – including Coinbase Pro and Prime – will cease on March 13, 2021.
BUSD is currently ranked as the third largest stablecoin by market capitalization behind and . Interestingly, USDC was issued by Circle in partnership with Coinbase.
In their announcement regarding the removal of the stablecoin from Binance, they said, “We regularly monitor assets listed on our exchange to ensure they meet our standards.”
They also assured customers that funds held in these accounts would remain accessible until withdrawal at any time before the closing date next month.
The news comes shortly after CEO Brian Armstrong revealed on his company’s fourth quarter 2022 earnings conference call last week (February 21) that politics was the top priority for 2021.
“Bringing stablecoins into the regulatory perimeter” is considered one of the two big projects for the coming fiscal year according to him. He added, “Coinbase has an important role to play in the area of cryptocurrency education and policy.”
Recall that this decision by Coinbase comes as the Sec is currently investigating Paxos, the issuer of Binance’s stablecoin, accusing it of an unregistered security issue for BUSD.
Note that the case is still ongoing, and Paxos said last week that it had entered into a “constructive discussion” with the SEC, which raises questions about Coinbase’s motivation for removing BUSD from its platform. .