Coinbase to Suspend 6 Crypto Assets in September – In an unexpected move, Coinbase Assets, a prominent name in the world of cryptocurrency exchanges, has announced its intention to temporarily halt trading for six specific cryptocurrencies. This suspension will begin on September 6, 2023, at 9 AM PT. The affected assets include BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI), and Voyager (VGX).
This decision marks a notable change for these cryptocurrencies, as they will lose access to vital services offered by Coinbase. These services include both Simple and Advanced Trade features, as well as access to platforms like Coinbase Pro, Coinbase Exchange, and Coinbase Prime. As per Coinbase’s official statement, trading suspension for these assets is scheduled to start on September 7th, allowing stakeholders about two weeks to adjust to the changes.
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The announcement quickly gained popularity on online platforms, collecting thousands of views and likes on Twitter in just a few hours. The decision behind this move is driven by Coinbase’s unwavering dedication to maintaining the highest standards for the assets listed on its platform. Following a thorough evaluation, the exchange revealed that these six assets did not meet the strict listing criteria they require.
Consequently, the suspension is intended to ensure that only assets meeting the platform’s stringent standards will continue to be available for trading. In response to this news, the market exhibited price fluctuations for the affected assets. Notably, BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Ooki (OOKI), Voyager (VGX), and Multichain (MULTI) experienced declines of 5.1%, 24%, 16%, 0.5%, 6%, and 0.7% respectively, following the announcement.
The suspension of trading for these assets has attracted special notice, especially given the existing difficulties Multichain is dealing with. Multichain, one of the assets that got delisted, has encountered a string of problems. These include the CEO’s arrest and the subsequent shutdown of its bridge due to significant losses surpassing $109 million in cryptocurrency. Currently, a significant segment of the cryptocurrency community holds doubts about the feasibility of the Multichain project, with many perceiving it as inactive.