In a surprising and unanticipated maneuver, Coinbase Assets, a prominent player in the cryptocurrency exchange landscape, has revealed its decision to temporarily suspend trading for six specific cryptocurrency assets, starting from September 6, 2023, at 9 AM PT. The assets that will be affected by this suspension encompass BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI), and Voyager (VGX).
This development marks a significant shift for these assets as they will no longer have access to key services provided by Coinbase, such as Simple and Advanced Trade functionalities, as well as Coinbase Pro, Coinbase Exchange, and Coinbase Prime platforms.
According to Coinbase’s official announcement, the suspension of trading for these assets is slated to commence on September 7, which gives stakeholders approximately two weeks to adapt to the changes. The news rapidly gained traction across online platforms, amassing thousands of views and likes on Twitter within a matter of hours.
Coinbase listed assets standards
The driving force behind this decision lies in Coinbase’s steadfast commitment to upholding the highest standards of quality within its listed assets. After conducting a comprehensive review, the exchange divulged that the six assets failed to meet the stringent listing criteria that the exchange demands. Consequently, this suspension aims to ensure that only assets meeting the platform’s rigorous benchmarks remain available for trading.
As the news circulated, the market responded with fluctuations in the prices of the affected assets. Notably, BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Ooki (OOKI), Voyager (VGX), and Multichain (MULTI) experienced price declines of 5.1%, 24%, 16%, 0.5%, 6%, and 0.7%, respectively, in the aftermath of the announcement.
The decision to suspend trading for these assets has garnered particular attention in light of Multichain’s existing challenges. Multichain, which is among the delisted assets, has faced a series of setbacks including the arrest of its CEO and the subsequent closure of its bridge following substantial losses exceeding $109 million in cryptocurrency. As of now, a considerable portion of the cryptocurrency community harbors skepticism toward the viability of the Multichain project, with many considering it to be inactive.
