Coinbase, one of the largest cryptocurrency exchanges, is set to suspend trading for a total of six digital assets in September. This decision comes as a result of regulatory concerns and a need to align with increased compliance measures. The affected crypto assets include: Augur (REP), Golem (GNT), Lisk (LSK), OmiseGo (OMG), Decentraland (MANA), and District0x (DNT). Coinbase users will still be able to hold or withdraw these assets, but trading will no longer be supported on the platform starting from September 2021.
In a surprising move, Coinbase Assets has announced the suspension of trading for six cryptocurrency assets effective September 6, 2023, at 9 AM PT.
The tokens affected by this suspension are BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI), and Voyager (VGX).
We regularly review the assets listed on our exchange to ensure they meet our high standards. Based on our recent assessments, we have decided to suspend trading for BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI), & Voyager (VGX) starting September 6, 2023, around 9 AM PT.
— Coinbase Assets ????️ (@CoinbaseAssets) August 23, 2023
- As a result of this suspension, these assets will no longer have access to some of Coinbase’s core services, including Simple and Advanced Trade, Coinbase Pro, Coinbase Exchange, and Coinbase Prime.
- The suspension of these assets will officially begin on September 7, approximately two weeks from now. This announcement has received significant attention online, with thousands of views and likes on Twitter within hours.
- The decision to delist these assets is in line with Coinbase’s commitment to maintaining high-quality standards for the assets listed on its platform. Following a thorough review, the exchange determined that the delisted assets did not meet the required listing standards.
- Following the announcement, the affected assets experienced price declines. Specifically, BOND, DDX, JUP, OOKI, VGX, and MULTI recorded price plunges of 5.1%, 24%, 16%, 0.5%, 6%, and 0.7%, respectively.
- This recent delisting adds to the challenges faced by Multichain, including the arrest of its CEO and the shutdown of its bridge after losing over $109 million in cryptocurrency. Currently, many members of the crypto community consider Multichain to be an inactive project.