Coinbase, a prominent global cryptocurrency exchange, has opted to eliminate an additional seven trading pairs for certain supported assets on its platform.
In an effort to enhance trading conditions for its users and optimize liquidity, Coinbase has chosen to streamline the available trading options.
Coinbase Exchange recently announced through a tweet on June 26 that trading will be suspended for several markets starting at approximately 9 AM PT on June 27, 2023. The affected trading pairs are as follows:
- BNT-GBP (Bancor Network Token – British Pound)
- BTRST-GBP (Braintrust – British Pound)
- CLV-GBP (Clover Finance – British Pound)
- DDX-EUR (DerivaDAO – Euro)
- ERN-EUR (Ethernity Chain – Euro)
- MEDIA-USDT (Media Network – Tether)
- TRB-BTC (Tellor – Bitcoin)
It is common for cryptocurrency exchanges to remove or delist specific trading pairs for various reasons, including consolidating liquidity. By reducing the number of trading pairs, exchanges aim to concentrate trading volume and liquidity on the most popular and actively traded assets.
Additionally, reports indicate that Coinbase has experienced a decline in its market share within the flourishing ETH staking sector due to increased regulatory pressure on its staking service. According to data from 21Shares, Coinbase’s share in ETH staking has dropped to 9.7%, reaching its lowest level since May 2021. This marks a significant decrease from the 13.6% share recorded on April 12.
It is worth noting that the announcement came shortly after the U.S. Securities and Exchange Commission (SEC) filed charges against Coinbase on June 6. The regulatory body classified at least 13 cryptocurrencies listed by the exchange, along with its staking service, as securities or investment contracts.
Previously, Coinbase’s chief legal officer, Paul Grewal, clarified in a statement to TechCrunch on June 7 that the company had no intention of removing any of these assets from its platform, indicating their commitment to retaining the listed cryptocurrencies and continuing with their staking service.
While Coinbase aims to avoid delisting assets, one of its notable competitors, Binance.US, has taken a different approach. In response to its own SEC charges on June 5, Binance.US announced the delisting of several trading pairs and the temporary suspension of over-the-counter (OTC) trading activities.
Binance.US, the U.S. division of leading cryptocurrency exchange Binance, has revealed its decision to remove over forty trading pairs from its platform, resulting in a total reduction to 226 pairs.