BUSD Delisted from Largest American Cryptocurrency Exchange: Coinbase.
Coinbase story by Coinbase writer Helene Braun
- This story hits the important core facts here:
- The New York Department of Public Financial Services, one of the toughest US State based financial regulators, who has overseen the operation of Paxos US for over 5 years, suddenly decided it was unhappy with what it thought was oversight of Paxos stablecoin BUSD, by Binance, the largest, but not US Based Cryptocurrency Exchange in the world and demanded that Paxos Stop minting it.
- This happened despite the fact that Paxos saught its regulatory approval for BUSD at its inception, and submitted to regulatory over sight for 5 years, building BUSD into one of the largest Stablecoins in the world after USDT.
- This demand to stop minting BUSD forces Paxos to essential kill its financial tool BUSD, as minting is an essential function of a stablecoin, just like any cryptocurrency, but especially a stablecoin.
- This derails Paxos plan to become a dominant U.S. based regulated Stablecoin issuer.
- This promotes USDC as the next largest US based stablecoin and puts the US government into the position of picking winners in the free market, something a capitalistic society should never do, and something which is against American Principles Historically.
- This type of action fuels Conspiracy Theorist further into thinking USDC is going to be the USA CBDC and Government Surveillance coin, and mayfurl a backlash against it.
- This also appears to some as another attempt to smear or besmirch the reputation of Binance. And has Anti-Chinese overtones in a U.S. Government increasing seen as biased towards Binance.
