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Top crypto exchange Coinbase, in a new announcement, says it has suspended trading on some non-USD markets across Coinbase Exchange, Advanced Trade and Coinbase Prime.
Due to this, some crypto assets paired against BTC, EUR, BGP and USDT have been removed from the Coinbase platforms indicated above.
As previously announced, we have suspended trading on a number of non-USD markets across Coinbase Exchange, Advanced Trade, and Coinbase Prime.
— Coinbase Exchange 🛡️📞 (@CoinbaseExch) October 16, 2023
To see the full list of affected markets, please see here: https://t.co/rWCquh0QUr https://t.co/puQxkMKSuM
In total, 80 trading pairs are impacted as a result of the delisting moves; these include ACH-USDT, ARPA-EUR, BAND-BTC, BAND-EUR, BAND-GBP, ERN-USDT, FORTH-BTC, FORTH-EUR, GAL-USDT, SUSHI-BTC, SUSHI-ETH, SUSHI-EUR, SUSHI-GBP and several others.
Coinbase gives the reason for the massive delisting as part of its effort to improve overall market health and consolidate liquidity.
Bloomberg reported recently that Coinbase's spot trading volume dropped by more than half during the just-ended third quarter, citing data compiled by researcher CCData.
The largest U.S. digital asset platform recorded approximately $76 billion in spot trading volume, a 52% decrease from the previous year.
Despite the drop, Coinbase is believed to have gained market share in the quarter as Binance faced more regulatory scrutiny. In this regard, Coinbase's share of overall spot trading activity likely increased to 5.7% from 4.2% a year ago.
As part of its efforts to seek regulatory clarity for the entire crypto industry, Coinbase is demanding that the Securities and Exchange Commission (SEC) act on its crypto rulemaking petition. Coinbase first filed the rulemaking petition in July 2022, requesting that the SEC "propose and adopt rules" to oversee the cryptocurrency market.
The SEC filed a lawsuit against Coinbase in June of this year, alleging the cryptocurrency exchange violated securities laws with its offerings.