Following the Signature bank crash, many top firms such as Paxos, Coinbase, and Celsius have revealed they had some funds tied up in them. 

Silicon Valley Bank was closed by the California Department of Financial Protection and Innovation.

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.