Coinbase CEO Brian Armstrong said on Wednesday the exchange decided to suspend trading of Binance stablecoin [BUSD] because the company had concerns about its liquidity.
Obviously part of a well-coordinated plan to capture greater stablecoin market share for USDC via the Coinbase-Circle alliance. Perhaps surprising – for non-critical observers – that Coinbase/Circle would align themselves with the SEC and NYDFS against Binance.
It was announced by CZ that BUSD will no longer be used and alternatives will be found by Binance within a 1-year period. Crypto was once a fruitful place until Gary Gensler [SEC] began calling everything a security, first it was XRP, now its BUSD and next it may be Ethereum. We must join CZ and Elon in this battle between Defi and The Elites in.
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Binance USD [BUSD] market cap has fallen below $10 billion for the first time in almost two years amid a United States regulatory crackdown on its token issuer and a planned delisting from a major crypto exchange. $BUSD is no longer a top ten crypto asset and today it accounts for 1.007% of the crypto economy’s net value.
Is the SEC’s action against BUSD more about Binance than stablecoins? its an indirect move to Binance, BUSD is not the only stable coin from Paxos.. very clear, they wanna put all the big players under their feet so they can control decentralization before it takes over. SEC is primary against Binance, because they are not US made but remember Bitcoin is decentralized. Binance has a to big monopol in the industry. SEC and generally the US don’t like that.
Coinbase and Kraken are still much smaller than Binance depending on the volume last 24h. If the SECGov wanted to be effective, they would have to find ways to bail out FTX and restart it. Another CEX under SEC attack. It’s another reason I am so bullish on $HUAHUA because it has a low CEX spread. What happens to the 150 Bn LUNC tied up in the FTX exchange hot wallet? What is the future of $BUSD? $HUAHUA is quietly building on DeFi in the background.
How do you think Coinbase ending BUSD trading pairs might affect the market? Will this change anything for you personally?
Stop panicking over Coinbase. FTX is gone already and these guys don’t have any major share. Keep calm and like I said Resume the pomp. The whole problem is that Binance is not an American company. How could the biggest CEX not be in American hands, Coinbase is just at the level of Binance Foot, started barking about their listings standard now. Few months back the company was heading towards bankruptcy.