- Previously, the crypto exchange gave confusing explanations about the listing standards
- Brian Armstrong clarified the situation in an interview
Coinbase CEO Brian Armstrong talked with journalists from Bloomberg TV. He had time to explain in more detail the reasons behind the delisting of the Binance USD stablecoin. The businessman said that they are forced to do this due to fears of a lack of liquidity.
“The reason we did it was because of the following. Paxos, the issuer of BUSD, has been ordered to stop its minting. Therefore, we were afraid of liquidity problems for our clients.”
The exchange previously stated that the reason for the delisting of BUSD was its own internal monitoring and verification processes. According to them, the stablecoin from Binance no longer meets the listing standards.
The New York City Department of Financial Services (NYDFS) on February 21 ordered Paxos to stop issuing BUSD. But the company has said it will support the stablecoin until at least February 2024.
If we talk about crypto-repression from regulators in general, then Coinbase has repeatedly stated that they are ready to defend the interests of the industry in court. But at the same time, they strive to maintain good relations with the SEC and carefully follow the rules.
Recall that yesterday Coinbase launched a political platform to “save the crypto industry.” It is called Crypto435, after the number of polling stations in the country. The crypto exchange is trying to unite the US bitcoin community on the eve of the elections and achieve fair conditions for development.
