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Coinbase to delist five cryptos worth over $60 million

Securities regulators slam Coinbase's defense against SEC, say crypto isn't special

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TL;DR

  • Coinbase is delisting five cryptocurrencies due to non-compliance with its standards.
  • The affected tokens, with a combined market value exceeding $60 million, will be officially removed from the platform on November 3, 2023.
  • Despite the delisting, Coinbase assures investors that their investments are secure, with the affected cryptocurrencies remaining available for withdrawal.

Coinbase Exchange is set to delist five cryptocurrencies that haven’t met its listing standards, affecting a combined market valuation of over $60 million. The significant decision, impacting Crypterium (CRPT), MXC (MXC), Quantstamp (QSP), Ren (REN), and TE-FOOD (TONE), was announced through a statement on the X platform. MXC holds the largest market share, valued at $15 million.

The delisting, scheduled for November 3, 2023, follows a comprehensive review. Coinbase consistently evaluates assets on its platform, ensuring adherence to strict listing criteria. Consequently, the five cryptocurrencies fell short during a recent assessment, prompting this action. However, the exchange confirms that investments will be recovered post-delisting. Affected assets remain accessible for withdrawal, safeguarding investor interests.

Additionally, the decision encompasses all Coinbase platforms. Trading suspensions apply to Coinbase.com, Coinbase Pro, Coinbase Exchange, and Coinbase Prime. This move reaffirms the exchange’s commitment to maintaining a robust, compliant trading environment. It underscores the platform’s diligence in asset management, reflecting its strategy to provide secure, regulated services.

In preparation for the delisting, trading adjustments are underway. Four digital assets have transitioned to “limit-only” mode, modifying the trading approach. Under this adjustment, investors can place and cancel limit orders, with the possibility of matches occurring. This measure ensures a smoother transition until the official delisting date, minimizing market disruption.

Moreover, the delisting serves as a reminder of the unpredictable nature of crypto markets. Exchanges like Coinbase operate within regulatory frameworks, necessitating periodic asset reviews. These actions aren’t just administrative formalities. They impact the market, often signaling shifts in asset credibility and investor preferences. Hence, traders and market enthusiasts closely monitor such developments, understanding their potential implications on investment strategies.

Besides, while delisting often triggers a negative market reaction, it also reinforces the importance of regulatory compliance for assets. It underscores the need for cryptocurrency developers to maintain transparent operations, meeting established industry standards. This move by Coinbase, therefore, is also an indirect call to digital currency issuers to uphold high integrity and operational standards. 

Significantly, this development highlights the dynamic nature of cryptocurrency trading platforms. Adherence to compliance and regulatory standards is paramount. The continual monitoring and reassessment of listed assets are standard practices that shape the trust and reliability of exchange in the eyes of investors.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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