Coinbase, the leading cryptocurrency exchange, is set to delist 80 trading pairs from Coinbase Exchange, Advanced Trade, and Coinbase Prime on October 16, 2023.
Coinbase’s decision to delist these trading pairs is rooted in its commitment to continuously monitor the cryptocurrency sector. The company asserts that the move is a strategic initiative aimed at “improving overall market health and consolidating liquidity.”
The delisting process specifically targets non-USD trading pairs, including notable 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, among others.
Despite the delisting, Coinbase emphasizes that users on Coinbase Advanced Trade in eligible regions can continue trading these delisted coins using USDC balances. This strategic move aims to provide ongoing accessibility for users during the delisting process.
This announcement follows Coinbase’s earlier decision in September to suspend certain trading services, including the delisting of tokens such as BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI), and Voyager (VGX). These measures showcase Coinbase’s proactive approach to optimizing its platform and adapting to market dynamics.
In a notable turn of events, Coinbase has not only focused on delisting but has also demonstrated its adaptability by adding support for certain cryptocurrencies. One prominent example is the relisting of Ripple’s native token – XRP – in mid-July.
Coinbase’s decision to embrace XRP followed a pivotal US court ruling in favor of Ripple in its legal battle against the United States Securities and Exchange Commission (SEC). The positive ruling generated widespread excitement within the cryptocurrency space, leading to a remarkable surge of over 70% in XRP’s price within hours.
Ripple’s Legal Victory and Industry Response
The court ruling in favor of Ripple against the SEC marked a turning point not only for Coinbase but for the entire cryptocurrency industry. This legal victory prompted other major exchanges, including Kraken, Crypto.com, and Bitstamp, to follow suit by relisting XRP. Intriguingly, these exchanges had removed XRP from their platforms over three years ago when the SEC initiated legal proceedings against Ripple.