Coinbase Suspended the Trading for (BUSD) Binance USD
BUSD is the stablecoin from the Binance crypto exchange and this is managed by Paxo company. We have seen some issues created by SEC for the BUSD and thereafter the Paxos confirmed that they have stopped minting for the coin for now. This is not the first time when we can see this kind of situation in the market and there have been multiple scenarios like this XRP is another case that of course we cannot forget.
Following the same negative news now coinbase has to disable trading for the BUSD on the exchange. While the trading is not functional but the exchange has confirmed that users will be able to transfer it to any other supporting wallet and there is no restriction on this rest as of now. This is a good move I would say in terms of users' trust and fund safety as they have not disabled the wallet. Disabling the trading for the coin is something that the exchange has decided but they have also given the option to the people where they can withdraw their funds. This is very important and I appreciate the fact that they have considered the importance of user funds.
Cryptocurrency exchange Coinbase (COIN) has officially suspended trading for the Binance USD (BUSD) stablecoin, according to a tweet on Monday. The exchange announced its intention to delist BUSD in February with Coinbase CEO Brian Armstrong citing liquidity concerns.
It is just one of the Crypto exchanges and I don't think it is going to play anything in terms of the token value. Usdc is another example that was way ahead of its value that is pegged. The value for this stablecoin is still in the range and I am sure that when I will not be doing anything that can cause the value to drop this is the reason why it is one of the leading coins in the segment where most of the stablecoins are considered. It is difficult to predict how things will be in the market because we have seen a bad situation for most of the stablecoins this week. BUSD is still stable and it did not lose its value at that time it shows that it has got good liquidity and better community support who are not ready to sell off.
The banking crash in the crypto market is one of the biggest news that we have seen last week but still the market scene is in full force and we can see that the entire market is in green color right now. We cannot expect that how it will be in a day or two but for now, it is good and people are enjoying this spike in the value.
$Thank you so much*
Stay Safe
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At least they allow the users to move their BUSD to other wallets, and that's a welcome move, otherwise, disabling withdrawal is as panic as anything else given the latest macro headwinds these days.
True and this is happening a lot in India where exchanges are stopping crypto withdrawal. They really to learn from coinbase
@reeta0119 Mam, can we have chat over discord now? Plz.
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