Coinbase to Delist 80 Non-USD Trading Pairs
Coinbase, the leading cryptocurrency exchange, has announced that it will delist 80 trading pairs from its platforms on October 16, 2023. This includes Coinbase Exchange, Advanced Trade, and Coinbase Prime.
The decision to delist these trading pairs is aimed at improving overall market health and consolidating liquidity. Coinbase regularly monitors the sector and believes that this initiative will help achieve these goals.
The delisting process will only affect non-USD trading pairs. Some examples of the affected cryptocurrencies include ACH-USDT, AGLD-USDT, BNT-BTC, BNT-EUR, GAL-USDT, SUSHI-BTC, SUSHI-ETH, SUSHI-EUR, SUSHI-GBP, ZEN-BTC, ZEN-USDT, ZRX-BTC, ZRX-EUR.
However, Coinbase Advanced Trade users in eligible regions will still be able to trade these coins using their USDC balances.
Previous Delistings and the Addition of XRP
This is not the first time Coinbase has delisted cryptocurrencies. In September, the exchange suspended certain trading services for BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI), and Voyager (VGX).
On a positive note, Coinbase recently added support for Ripple’s native token XRP. This move followed a US court ruling in favor of Ripple in its lawsuit against the SEC. The court ruling created excitement in the crypto space and led to a significant increase in XRP’s price.
Other exchanges such as Kraken, Crypto.com, and Bitstamp also relisted XRP after the court victory, despite having removed it from their platforms three years ago when the SEC initiated legal action against Ripple.
Hot Take: Coinbase Streamlines Trading Pairs to Improve Market Health
Coinbase’s decision to delist 80 non-USD trading pairs is a strategic move to improve overall market health and consolidate liquidity. By focusing on a smaller number of trading pairs, Coinbase aims to create a more efficient and robust trading environment for its users.
This move also aligns with Coinbase’s commitment to regulatory compliance and risk management. By delisting certain cryptocurrencies, Coinbase can ensure that it is providing a secure and compliant trading platform.
While this may inconvenience some users who are trading the affected pairs, Coinbase has provided an alternative solution. Advanced Trade users in eligible regions can continue trading these delisted pairs using their USDC balances.
Overall, this delisting initiative demonstrates Coinbase’s dedication to maintaining a healthy and thriving cryptocurrency market.
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