Deutsche Boerse to remove Coinbase (COIN) from Xetra and Frankfurt stock exchange

Binance and TaoTao alliance couldn t hold anymore

TL;DR Breakdown

  • Deutsche Boerse will delist Coinbase shares from Xetra and Frankfurt stock exchange on Friday.
  • The organization said a wrong reference code was used for COIN, which requires identification and regulatory approval.

German’s leading exchange organization, Deutsche Börse Group, is planning to delist Coinbase shares from its trading venues, Xetra and Frankfurt stock exchange. According to the report on Wednesday, the COIN stocks will be removed from both trading platforms after the trading session on Friday. 

Deutsche Boerse said a wrong reference code was mistakenly used on the exchanges for Coinbase shares. 

“The reason for the de-listing is a missing reference data for these shares. […] the de-listing would apply until further notice,” the Deutsche Boerse said. 

Coinbase needs to apply for an LEI

When the shares of crypto exchange were listed on the trading platforms, a so-called LEI code was mistakenly used for it. Shares with such a reference code need identification and should meet regulatory requirements before they are listed for trading on the stock exchanges. Hence, the cryptocurrency exchange would have to apply for the reference code in order for the COIN stocks to continue trading on Xetra and the Frankfurt stock exchange. 

“The only way for Coinbase to resume trading is for the issuer to apply for an LEI,” Deutsche Boerse added.

COIN update

The leading US-based crypto exchange launched on NASDAQ via direct listing last week. Coinbase became the first crypto company to go public, which was a historic moment for the industry. When the exchange began trading on NASDAQ, it had a valuation of over $100 billion at the time. 

However, COIN has been trading below the listing price. During the time of writing, COIN was trading at $321, according to TradingView. The exchange now has a market valuation of $85.40 billion. 

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Ibiam Wayas

Written by Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.