Coinbase, one of the exchanges cryptocurrency the world's largest, has suspended trading Binance USD (BUSD), one type stablecoins published by Paxos. The decision to delist BUSD has been approved by the CEO Coinbase Brian Armstrong announced in February due to liquidity concerns. The move follows legal action by the New York Department of Financial Services and the Securities and Exchange Commission, which allegedly caused Paxos to stop minting. stablecoins.
According to Coinbase's recent announcement, users holding BUSD can still withdraw their assets at any time. The trading halt will not affect access to BUSD funds. This move is another blow to BUSD, which has already faced challenges from regulators.
In a recent episode of the Bankless podcast, Armstrong emphasized the importance of cryptocurrency in updating the financial system. He noted that the traditional financial system is outdated, slow, and burdened by decades-old rules and regulations. Armstrong believes that cryptocurrency has the potential to revolutionize the financial system, but this will require support from elected representatives who value economic freedom.
Despite the failures FTX and Silvergate faced, Armstrong believes that the broader confidence in the crypto community has never been higher. He predicts that if regulators grasp the potential of cryptocurrency and work towards integrating it, regulatory challenges will eventually be resolved in a positive way.