Six major cryptocurrencies on Coinbase’s chopping board
DerivaDAO (DDX), one of the delisted tokens, dipped the most after the announcement.
Multichain (MULTI), which has been facing serious setbacks with its bridge will also be delisted.
Coinbase regularly reviews its listed crypto assets to ensure they continually maintain the highest standards.
Coinbase Assets has announced that it has decided to temporarily halt trading for six particular cryptocurrency assets, effective September 6, 2023, at 9 AM PT. The affected cryptocurrencies are BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI), and Voyager (VGX).
As a result of this move, these assets will experience a substantial shift as they will no longer have access to crucial Coinbase services like the Simple and Advanced Trade capabilities, Coinbase Pro, Coinbase Exchange, and Coinbase Prime platforms.
The official notification from Coinbase states that the trade for these assets will be suspended starting on September 7, giving interested parties around two weeks to adjust. Within hours, the news had thousands of views and likes on Twitter as it quickly gathered popularity across internet platforms.
Coinbase commitment to quality within its listed assets
Coinbase’s move was motivated by the crypto exchange’s unwavering dedication to sustaining the highest standards of quality in its listed assets. The exchange revealed that the six assets didn’t pass its strict listing requirements after completing a thorough investigation.
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
Notably, following the announcement, the prices of Ooki (OOKI), Multichain (MULTI), DerivaDAO (DDX), Jupiter (JUP), Voyager (VGX), and BarnBridge (BOND) and fell by 0.5%, 0.7%, 24%, 16%, and 6%, and 5% respectively.
One of the delisted assets, Multichain, has seen a string of setbacks, including the arrest of its CEO and the subsequent closing of its bridge due to significant Bitcoin (BTC) losses totalling more than $109 million.