Coinbase has officially removed five digital assets from its trading platform amid heightened scrutiny and a recent data breach. The exchange confirmed that Galxe (GAL), Parsiq (PRQ), Mines of Dalarnia (DAR), Litentry (LIT), and Orion Protocol (ORN) are no longer eligible for trading on its platform.
Coinbase announced the move to stop trading the MOVE token only a few days ago. You can still withdraw these five cryptocurrencies from Coinbase even though trading has been suspended. Moving your tokens to other destinations off of Coinbase is still possible.
This action forms part of ongoing due diligence undertaken by Coinbase to maintain a platform that complies with its internal standards. Analysts attribute the reasons behind the latest delistings to factors like low trading activity, sustainability problems, or regulatory uncertainties.
Before their removal, tokens for complete delisting were temporarily restricted to limit orders. It allowed users only to place certain types of orders as a step before completely removing the assets. This move will enable Coinbase to gradually remove underperforming or non-compliant assets without affecting the user experience.
These token delistings took place soon after a security breach at Coinbase. According to reports, an individual asked Coinbase for $20 million, prompting the CEO to respond publicly. Coinbase opted to offer a $20 million reward for any information that would help apprehend the culprit.
Increased Asset Monitoring Signals Stricter Compliance Measures
Coinbase strongly signals its commitment to upholding a secure and compliant listing ecosystem as it faces increasing challenges in these areas. It reflects an increase in asset validation, especially following incidents that occur internally or externally.
Coinbase hasn’t revealed whether a potential connection between the incident and the token delisting led to stricter monitoring from within the company. Listing decisions at Coinbase are made according to evaluations focused on monetary success and regulatory standards.
Leading exchanges are completing more asset delistings than ever before. Coinbase’s timely action and open communication suggest it is taking an active lead in ensuring the safety and security of its customers.
Coinbase users who want to continue holding any of the tokens affected by the delisting should transfer them to exchanges that continue to support those assets. Users who wish to retain their tokens and are hoping for a future re-listing or project recovery can keep them in the Coinbase Wallet.
Conclusion
Coinbase consistently creates one of the most secure and reliable environments for users to trade various tokens. It’s increasingly important for users to keep abreast of Coinbase’s policies and subsequent updates.
