cryptopotato.com
Coinbase announced the delisting of several trading pairs starting today in a bid to enhance overall market health and consolidate liquidity.
The leading crypto exchange said the latest decision comes after regularly monitoring the markets on its platform.
Coinbase Delists 80 Non-USD Trading Pairs
According to an announcement on October 17th, Coinbase said it had suspended trading on 80 non-USD pairs for certain supported assets across Coinbase Exchange, Advanced Trade, and Coinbase Prime.
The pairs also include those featuring cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), as well as stablecoins like Tether (USDT), besides traditional fiat currencies like the Euro.
Some of the trading pairs in question are ACH-USDT, AGLD-USDT, ARPA-EUR, ARPA-USDT, AUCTION-EUR, AUCTION-USDT, BADGER-EUR, BADGER-USDT, BAND-BTC, BAND-EUR, BAND-GBP, BNT-BTC, BNT-EUR, BTRST-BTC, BTRST-EUR, BTRST-USDT, C98-USDT, CTSI-BTC, DESO-USDT, ELA-USDT, ERN-USDT, among others.
Coinbase’s recent removal of trading pairs is consistent with its previously announced plan to suspend certain markets in early October. The platform further stressed that users can continue trading these markets within its “more liquid USD order books” using their USDC balances.
“Please note these markets make up an immaterial amount of Coinbase Exchange’s total trading volume.”
In mid-September, the exchange eliminated 41 non-USD market pairs, attributing the decision to the same factors. Notably, among the suspended markets, none featured USDC, the stablecoin collaboratively developed by Coinbase and Circle, despite the removal of several trading pairs containing USDT.
Despite removing several trading pairs, the exchange relisted XRP after Ripple’s partial win against the United States Securities and Exchange Commission (SEC).
Coinbase’s Trading Volume Tanks
Mounting regulatory actions against rival Binance may have helped Coinbase to increase its market share, but its declining trading volume is a cause of concern.
Coinbase’s spot trading volume has recorded a 52% fall in spot trading for the third quarter of 2023. This represents the lowest recorded figure since well before the company’s high-profile direct listing on the Nasdaq Stock Market in April 2021, which took place just months before the market reached its peak prices.