Photo credit: Coinbase
Coinbase said it will end support for trading Binance USD (BUSD), the stablecoin of Binance, on its platform starting March 13.
In a tweet, Coinbase said the move follows its most recent reviews of assets on the platform to find those that no longer meet its standards. The company specified that the suspension applies to Coinbase.com, Coinbase Pro, Coinbase Exchange, and Coinbase Prime.
Tech in Asia has reached out to Binance for a statement on the matter.
According to its website, Coinbase decides what tokens to list with the help of the Digital Asset Listing Group, an internal committee that votes on what’s available for trading on the platform. The company highlighted that CEO Brian Armstrong as well as other global board members are not part of the committee.
Binance and Coinbase are bitter rivals in the crypto exchange space. The former is currently the largest exchange by trading volume and the latter ranks second, according to CoinMarketCap.
Earlier this year, Coinbase tweeted out saying “stablecoins are not securities.” The statement was in response to the New York State Department of Financial Services ordering Paxos to end the issuance of BUSD.
See also: Australian stablecoins show promise as a16z-backed Archblock eyes market
Editing by Thu Huong Le and Lorenzo Kyle Subido
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