Coinbase drops Binance USD stablecoin, SEC crackdown to blame

Coinbase follows the SEC's lead by discontinuing trading of Binance USD stablecoin, while Paxos stands firm in the face of federal securities registration pressure.

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Coinbase will put an end to trading in the Binance USD stablecoin, amid pressure from the US Securities and Exchange Commission (SEC) on the stablecoin industry.

Trading in Binance USD from the cryptocurrency exchange will stop on March 13, according to a statement from the company.

Last week Paxos said it was in “constructive discussions” with the SEC following the committee’s letter to the company regarding the need for BUSD to register BUSD under federal securities laws.

Paxos says it will defend its position that BUSD should not be registered as a security, according to an email sent by the company’s CEO, Charles Cascariya, to Paxos employees.

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