The San Francisco-based cryptocurrency exchange referred to its "listing standards" in a tweet.
Coinbase will suspend trading for Binance USD (BUSD) stablecoin on March 13, the exchange announced Feb. 27 on Twitter. The message mentioned “listing standards” as it announced its decision.
The decision will apply to Coinbase.com (simple and advanced), Coinbase Pro, Coinbase Exchange, and Coinbase Prime, according to the tweet thread. The exchange added, "Your BUSD funds will remain accessible to you, and you will continue to have the ability to withdraw your funds at any time."
A Coinbase spokesperson told Cointelegraph:
“Our determination to suspend trading for BUSD is based on our own internal monitoring and review processes. When reviewing BUSD, we determined that it no longer met our listing standards and will be suspended.”
According to the Coinbase website, its digital asset listings group votes on assets to be listed on the exchange, “informed by a rigorous vetting/review process that evaluates assets against legal, compliance, and technical security standards.” In addition, there are additional business assessments and ongoing monitoring to ensure an asset continues to meet standards.
We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on our most recent reviews, Coinbase will suspend trading for Binance USD (BUSD) on March 13, 2023, on or around 12pm ET.— Coinbase Assets (@CoinbaseAssets) February 27, 2023