Coinbase Suspends Trading for Six Cryptocurrency Assets
In an unexpected move, Coinbase Assets announced the suspension of trading for six cryptocurrency assets on September 6, 2023, at 9 AM PT. The tokens affected by this decision include BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI), and Voyager (VGX).
Key points:
– Coinbase regularly monitors the assets on its exchange to ensure they meet listing standards.
– The suspension of these assets means they will no longer have access to core services such as Simple and Advanced Trade, Coinbase Pro, Coinbase Exchange, and Coinbase Prime.
– The delisting is scheduled to take effect on September 7, about two weeks from now.
– The decision is a result of a thorough review that found the delisted assets did not meet Coinbase’s listing standards.
– The announcement received significant attention online, with thousands of views and likes on Twitter within hours.
This delisting comes as another blow to Multichain, which has been facing various problems, including the CEO’s arrest and the shutdown of the bridge after losing over $109 million in crypto. The recent developments have led many in the crypto community to believe that Multichain is a dead project.
Hot Take:
Coinbase’s suspension of trading for these six cryptocurrency assets highlights the exchange’s commitment to maintaining high-quality standards. While this decision may disappoint some investors, it underscores the importance of thorough reviews and adherence to listing requirements in the crypto industry. The price plunges following the announcement further emphasize the impact of delisting on the perceived value of these assets. Multichain, in particular, is facing significant challenges, raising questions about its future viability.
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