Ethereum

USDC

Notable

Security

The decision aligns with Coinbase’s announcement from earlier in October about their plans to suspend specific markets. Notable coins affected by this decision include some trading against Bitcoin, and the stablecoin Tether (USDT), in addition to fiat currencies like the euro. However, Coinbase stated that these 80 trading pairs constituted a negligible portion of its global trading volumes, and users on affected platforms can still trade in more liquid USD order books by leveraging its USD Coin.
This move is in line with Coinbase's strategy to consolidate liquidity on its platform, and it follows a similar step taken in mid-September when the exchange removed 41 non-USD trading pairs. It's noteworthy that while several trading pairs containing USDT were suspended, none involved USDC, a stablecoin collaboratively developed by Coinbase and Circle.
Also in August, Coinbase suspended the trading of several cryptocurrencies on its platform, citing a routine internal review was carried out by the US largest crypto exchange.
The decision to delist these assets has sparked speculation within the cryptocurrency community about the reasons behind it. While it’s not clear whether the Security Exchange Commission (SEC)&nbsp;<a href="https://financefeeds.com/coinbase-halts-crypto-staking-in-four-us-states/" rel="noopener noreferrer nofollow">influenced the decision</a>, Coinbase mentioned that the delisting aligns with its policy to maintaining high-quality standards for the assets listed on its platform.
While the crypto community is puzzled by&nbsp;<a href="https://financefeeds.com/coinbase-buys-stake-in-usdc-issuer-circle/" rel="noopener noreferrer nofollow">Coinbase’s decision</a>, wondering about the specific requirements that led to the delisting, the affected altcoins saw steep price drops following the announcement.
Coinbase CEO Brian Armstrong explained that the exchange’s delisting decisions are not about “picking winners and losers.” Instead, assets are evaluated based on compliance with the platform’s minimum listing standards, which include factors like security and legality. He acknowledged that the listing process might seem biased due to the complexity of assessing new assets.
Armstrong pointed out that the listing process for ERC-20 tokens can be relatively swift due to their adherence to standard Ethereum guidelines, making them easier to evaluate and integrate from a technical standpoint. ERC-20 tokens are based on Ethereum’s framework and are designed to follow standardized rules.
On the other hand,&nbsp;<a href="https://financefeeds.com/coinbase-says-tokens-are-not-securities-asks-judge-to-toss-sec-complaint/" rel="noopener noreferrer nofollow">tokens</a>&nbsp;that operate on different blockchain networks can pose more technical complexities and challenges for integration. Armstrong noted that if the review and integration process for such tokens requires a lot of work, America’s largest crypto exchange might opt not to list them. This decision isn’t indicative of the tokens’ value or potential; rather, it reflects the practical considerations and resources required for successful integration.
Coinbase’s focus on deepening its liquidity comes at a time when the exchange's trading volumes have seen a decline. Data from the cryptocurrency market analytics provider, CCData, reveals a 52% drop in <a href="https://financefeeds.com/coinbases-trading-volume-slumps-by-over-half-amidst-wider-crypto-slowdown/" rel="noopener noreferrer nofollow">Coinbase’s spot trading volumes</a> for the third quarter when compared to 2022.

Coinbase delists 80 trading pairs, none involves USDC

FinanceFeeds

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