Coinbase Just Released An Important Update

Coinbase has just released an important update. Check out the latest news about this below.

It’s been just revealed that the largest US-based crypto exchange by trading volume has released a major update involving the embattled stablecoin project Binance USD (BUSD).

According to a new announcement, Coinbase says they will delist BUSD in about two weeks’ time.

“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.”

It’s also important to note the fact that the future of Binance USD has been in question ever since the stablecoin’s issuer, Paxos, received a “Wells Notice” from the U.S. Securities and Exchange Commission (SEC) earlier this month, according to the latest reports.

In the notice, the regulator stated that it is “considering recommending an action alleging that BUSD is a security and that Paxos should have registered the offering of BUSD under the federal securities laws.”

It’s been just revealed that the crypto exchange Coinbase is struggling as a result of the bear market. The CEO, Brian Armstrong, says they’re built for the long term.

During an earnings call on Wednesday, Armstrong says that the industry is going through one of those difficult periods in the crypto cycle.

“The narrative in crypto tends to flip every two years. It’s either irrational exuberance or despair. Neither one is true at any given time, but we’re in one of those despair phases right now.”

According to the reports revealed by the online publication the Daily Hodl it seems that Coinbase’s fourth quarter and full-year 2022 report to shareholders shows that “the biggest US-based crypto exchange lost $2.64 billion last year. In 2021, the firm posted a net income of $3.62 billion.”