Coinbase to Halt Trading for 41 Pairs with USDT, BTC, and Euro
Date: 2023-09-14 Author: Dima Zakharov Categories: CRYPTO PAYMENTS, BUSINESS
A Streamlining Strategy:
Coinbase is set to eliminate a total of 30 trading pairs involving the stablecoin Tether (USDT), 9 pairs with the Euro, and 2 pairs with Bitcoin (BTC). This change will affect users across three Coinbase platforms: Coinbase Exchange, Advanced Trade, and Coinbase Prime. The decision to suspend trading for these pairs stems from Coinbase's ongoing market monitoring efforts. The exchange aims to enhance overall market conditions and consolidate liquidity, leading to the removal of these trading pairs, as stated by Coinbase.
Limited Impact on Coinbase:
Despite the extensive list of affected assets, Coinbase's team assures that this move will have minimal consequences on the exchange's operations. They emphasized that "these pairs represent a negligible portion of Coinbase's overall trading volume."
SEC's Earlier Request:
It's worth noting that the U.S. Securities and Exchange Commission (SEC) had previously requested Coinbase to cease trading all cryptocurrencies except Bitcoin (BTC). Brian Armstrong, the CEO of Coinbase, revealed that the regulator had claimed that assets other than BTC are securities. In response, Coinbase asked the SEC to reference the appropriate law in support of its stance.
No Delisting Due to SEC Lawsuit:
Despite the SEC's lawsuit, Coinbase has made it clear that it will not delist the tokens mentioned in the lawsuit or reconsider its listing decisions. When asked about the possibility of excluding or reviewing the tokens in question, Armstrong firmly responded in the negative.
While the removal of these trading pairs may not significantly impact Coinbase's overall operations, it underscores the ever-evolving regulatory landscape for cryptocurrencies in the United States. Traders and investors will need to stay vigilant and adapt to the changing environment, keeping an eye on further developments in the crypto industry.
