Latest Crypto News: Coinbase To Suspend Binance USD Stablecoin, Liquid Staking Overtakes DeFi Lending As 2nd Largest Crypto Sector

Here are some of the major developments from the world of crypto over the last few days
Latest Crypto News: Coinbase To Suspend Binance USD Stablecoin, Liquid Staking Overtakes DeFi Lending As 2nd Largest Crypto Sector

Coinbase will suspend trading of Binance USD (BUSD) from March 13, 2023, the US cryptocurrency exchange has said.

The suspension is based on the internal monitoring process of Coinbase, which found that the Stablecoin (BUSD) doesn’t meet its listing standards, CoinDesk quoted a cryptocurrency exchange spokesperson as saying.

As a result of the suspension,, Coinbase Pro, Coinbase Exchange and Coinbase Prime will be affected. Coinbase informed that users will still be able to access their BUSD funds and withdraw them anytime.

Following the news, Binance coin (BNB) the exchange coin of Binance, dropped 1 per cent.

Liquid Staking Emerges As Second-Largest Crypto Sector

Liquid staking currently stands bigger than decentralised lending and borrowing. Liquid staking allows users to earn rewards for locking cryptocurrencies in a Blockchain network while retaining liquidity of locked funds.

Crypto assets deposited in liquid staking protocols amounted to $14.1 billion on Monday, making it the second-largest crypto market sector, CoinDesk reported. Decentralised-finance (DeFi) lending and borrowing protocols held a total value of $13.7 billion, the third largest, whereas decentralised exchanges held assets worth $19.4 billion.

Ethereum’s upcoming Shanghai software upgrade, which will enable stakers to withdraw their staked Ethereum (ETH) and accumulated rewards for the first time, has galvanised investor interest in liquid staking.

Ryan Selkis, CEO of crypto research firm and data provider Messari, said the upgrade will create healthy competition between liquid staking solutions and also strengthen ETH’s position. He said the move would give users the security of maintaining sovereignty over their assets.

By opening up to withdrawals, the upgrade is expected to improve overall liquidity. Nearing 60 per cent growth rate, liquid staking is the best-performing crypto sector this year.

Robinhood Faces SEC Investigation

US Securities and Exchange Commission (SEC) officials subpoenaed Robinhood Markets Inc., the company behind the popular trading app.

The company disclosed in its most recent 10-K filing with the SEC that the investigation happened in December 2022.

In it, the company listed among the various disclosures that pose a potential risks to its business a subpoena from the SEC regarding Robinhood’s “supported cryptocurrencies, custody of cryptocurrencies, and platform operations.”

Currently, Robinhood offers 18 cryptocurrencies on its trading platform, including Bitcoin, Ethereum, and Dogecoin. With digital assets, investors can get started with as little as $1.

After the failure of FTX last year, the SEC has launched a tough crackdown on the cryptocurrency industry

Related Stories

No stories found.
Outlook Business & Money