TL;DR
The leading cryptocurrency exchange – Coinbase – announced it will delist 80 trading pairs from Coinbase Exchange, Advanced Trade, and Coinbase Prime on October 16, 2023.
In the following lines, we will outline the affected cryptocurrencies and touch upon the reason behind the decision.
The company assured that it regularly monitors the sector, and the aforementioned initiative aims to “improve overall market health and consolidate liquidity.”
The delisting process will include only non-USD trading pairs, such as 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, and others.
The team revealed that Coinbase Advanced Trade users in eligible regions can still trade these coins using USDC balances.
The firm suspended certain trading services in September, too, when delisting BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI) and Voyager (VGX).
Contrary to removing numerous trading pairs in the past several months, Coinbase added support to certain ones. Such example is the relisting of Ripple’s native token – XRP – in mid-July.
The company embraced the asset shortly after a US court ruled in favor of the blockchain enterprise in its lawsuit against the United States Securities and Exchange Commission (SEC).
The ruling caused overall excitement in the entire cryptocurrency space and boosted XRP’s price by over 70% in a matter of hours.
Other crypto exchanges that relisted the token after the partial court victory include Kraken, Crypto.com, and Bitstamp. Interestingly, they all removed XRP from their platforms over three years ago when the SEC started the legal battle with Ripple.