A recent Paxos survey shows enthusiasm for cryptocurrency in the U.S. despite a volatile year for the burgeoning asset class. 

Coinbase, has announced that it will suspend trading of Binance USD (BUSD) on March 13, 2023. The suspension will apply to Coinbase.com, Coinbase Pro, Coinbase Exchange, and Coinbase Prime.

Coinbase CEO Brian Armstrong said the exchange decided to suspend trading of Binance USD (BUSD) because the company had concerns about its liquidity.

Coinbase will suspend trading of Binance USD (BUSD) on March 13 at around noon EST.

After Paxos announced that it would no longer mint the stablecoin BUSD, 4.98 billion BUSD stablecoins have been removed from circulation to date. The Paxos-managed stablecoin has also fallen out of the top ten crypto assets by market capitalization, slipping below dogecoin’s valuation with a market cap of around $11.12 billion, compared to the meme coin’s $11.24 billion.

Paxos, a blockchain infrastructure platform and the issuer of Binance’s stablecoin Binance USD (BUSD), is in talks with the U.S. Securities and Exchange Commission over its decision to consider the stablecoin a security. 

Paxos CEO Charles Cascarilla seems to be actively engaged with the U.S. Securities and Exchange Commission (SEC) over the recent order to stop issuing the stablecoin. The company had then said it categorically disagrees with the SEC’s views BUSD was not a security under the Federal securities law. Sticking to the same argument, Cascarilla said in an internal communication that the company would defend its position in courts that BUSD is not a security through litigation.

Cascarilla said the decision is because "the Binance relationship no longer aligns with our current strategic priorities" in the evolving market.

According to Reuters on Tuesday (Feb. 21, 2022), Charles Cascarilla, CEO of Paxos, sent an email to the firm’s employees on Feb. 18, informing them that the company is holding “constructive discussions” with the SEC. Earlier in February, Paxos received a Wells notice from the American regulator alleging that the firm was selling unregistered securities, indicating that the Binance-branded BUSD was a security. Cascarilla further said Paxos was looking to continue its discussions with the Securities and Exchange Commission privately, adding that the firm was ready to defend its stance that BUSD was not a security if it was necessary.

Stablecoin issuer Paxos told employees it's in "constructive discussions" with the U.S. Securities and Exchange Commission (SEC) after getting a Wells notice about the Binance USD stablecoin coin.