• Binance USD’s (BUSD) market cap has fallen below $10 billion for the first time in almost two years due to regulatory crackdowns and a planned delisting from a major crypto exchange.
• The stablecoin’s market cap is down by nearly $14 billion from its all-time high of $23.49 billion, set on Nov. 15, 2022.
• Recently, BUSD has been the subject of a potential lawsuit against Paxos and ordered by the New York District of Financial Services to stop minting and issuing BUSD on Feb. 12 as well.
Binance USD Market Cap Falls Below $10B
Binance USD’s (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.
All-Time High Market Cap
BUSD’s market cap has been on a steep downward trajectory since its all-time high market cap of $23.49 billion, which it hit on Nov. 15, just a few days after the shock collapse of FTX. As of March 3, 2021, the stablecoin’s market cap has fallen to $9.66 billion — levels not seen since June 29th 2021.
Potential Lawsuit Against Paxos
Most recently, BUSD has been the subject of a potential lawsuit against Paxos by the United States Securities Exchange Commission on Feb 12 over possible violation of investor protection laws Since then, more than $6.65 billion have been shaved off BUSD’s market cap .
Delisting From Coinbase
Earlier this week cryptocurrency exchange Coinbase announced that it would be delisting BUSD from its exchange on March 13 because the stablecoin “no longer met our listing standards,” according to Coinbase spokesman speaking with Cointelegraph .
Wider Crypto Market Impacted
The wider crypto markets have also seen an impact with many pointing towards recent controversy surrounding Silvergate Bank with their late filing of annual 10K financial report on March 1st .