Coinbase, one of the largest and most popular cryptocurrency exchanges in the world, has announced that it will temporarily halt trading for six crypto assets on September 6, 2023, at 9 AM PT. The affected assets are BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI), and Voyager (VGX).
We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on recent reviews, we will suspend trading for BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI), & Voyager (VGX) on September 6, 2023, around 9AM PT.
— Coinbase Assets 🛡️ (@CoinbaseAssets) August 23, 2023
According to Coinbase, the decision to suspend trading for these assets was made after a regular review of its listed crypto assets to ensure they meet its high standards of quality and compliance.
Coinbase’s Decision Is Meant To Protect Its Clients
The exchange did not specify the exact reasons why these assets failed to meet its criteria, but it said that it will continue to monitor them and may resume trading in the future if they improve. The announcement had an immediate impact on the prices of the six cryptocurrencies, which dropped significantly within hours, yet it had no official publication of any sort, and when asked coinbase linked to its support page.
DerivaDAO (DDX), a decentralized derivatives platform, suffered the most, losing 24% of its value. Multichain (MULTI), a cross-chain bridge protocol that recently faced security issues and legal troubles, also plunged by 16%. The other four assets declined by 5% to 6% each.
Coinbase users who hold these assets will still be able to access them in their wallets and withdraw them to other platforms, but they will not be able to buy or sell them on Coinbase until further notice.
Coinbase also advised its users to be careful when trading these assets on other platforms, as they may have lower liquidity and higher volatility. The move to delist some of its crypto assets reflects its cautious approach to regulatory compliance and customer protection.
The exchange has been facing increased scrutiny from regulators and lawmakers in the US and other countries, who have expressed concerns about the risks and challenges posed by the rapidly growing crypto industry.
Coinbase’s suspension of trading for six crypto assets may disappoint some of its users and fans, but it may also boost its reputation as a responsible and trustworthy exchange that values quality over quantity. The exchange currently supports over 100 crypto assets on its platform, and it may add more in the future as long as it meets its standards.
