Coinbase delisting: On September 6, 2023, at 9 AM PT, Coinbase surprised the crypto community by revealing its decision to suspend trading for six specific cryptocurrency assets.
Crypto Coinbase Delisting
The affected tokens as per the announcement are BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI), and Voyager (VGX).
Impact on Services
Following this decision, these assets will be excluded from a range of core Coinbase services. This encompasses Simple and Advanced Trade, Coinbase Pro, Coinbase Exchange, and Coinbase Prime. The said suspensions will be in effect from September 7, giving the crypto community approximately two weeks to adjust.
Rapid Online Response
Coinbase’s disclosure swiftly caught the internet’s eye, amassing thousands of engagements on Twitter within mere hours.
Given that DerivaDAO (DDX) has literally just released a proposal for mainnet launch after years of development today, I would urge reconsidering the delisting of this token at the present time.
So this is not legal…. you just unbranded (removed tag) $JUP (Jupiter) as an “experimental asset”. Now you’re suspending it a month later. To me this spells out Insider Trading…. @Crypto_Milf69 @sigwo @cz_binance @VitalikButerin @elonmusk
So you guys listed $multi in May and then delist it 3 months later after it dropped 90%
How is this even legal ??#crypto
Reason Behind the Suspension
Upholding its reputation for high standards, Coinbase cited a commitment to the quality of its listed assets. The exchange determined that these six tokens no longer met the stringent listing criteria they uphold.
Immediate Market Reaction
In the aftermath of this announcement, a significant price decline was observed for the six mentioned assets: BOND (5.1%), DDX (24%), JUP (16%), OOKI (0.5%), VGX (6%), and MULTI (0.7%).
Multichain’s Continuing Troubles
This decision further exacerbates issues for Multichain, which recently faced challenges such as the CEO’s arrest and the suspension of its bridge operations following a staggering $109 million loss in cryptocurrencies. Current sentiment within the crypto circles largely views MULTICHAIN as a faltering, if not dead, project.