- Coinbase, the largest cryptocurrency exchange in the United States, has announced the delisting of three altcoins.
- This decision was communicated on June 19, through their official social media accounts.
- The specific altcoins to be delisted are Circuits of Value (COVAL), Rai (RAI), and Wrapped Ampleforth (wAMPL).
Coinbase announces the delisting of three altcoins, citing non-compliance with listing standards.
Coinbase’s Delisting Announcement and Its Impact
In an official announcement on June 19, Coinbase declared that it will be delisting three altcoins: Circuits of Value (COVAL), Rai (RAI), and Wrapped Ampleforth (wAMPL). This decision comes as part of Coinbase’s routine asset review process, whereby the company ensures that all listed assets meet their rigorous standards. According to Coinbase, these particular assets no longer comply with their listing criteria, prompting the exchange to suspend trading for these cryptocurrencies as of July 19, 14:00 ET.
Reasons Behind the Delisting
Coinbase regularly assesses its listed assets to ensure they align with the exchange’s standards. In a recent review, it was determined that COVAL, RAI, and wAMPL no longer meet the necessary requirements. “We regularly monitor the assets on our platform to ensure they comply with our listing standards,” Coinbase stated. “Following a recent review, we have decided to suspend trading for Circuits of Value (COVAL), Rai (RAI), and Wrapped Ampleforth (wAMPL) from July 19, 14:00 ET.”
Market Response to the Delisting
The news of the delisting has already impacted the market prices of the involved altcoins. According to data from CoinGecko, COVAL experienced a drastic drop, plummeting from $0.0177 to $0.00957—a sharp decline of 46%. Similarly, wAMPL also saw a decrease in value, trading at $24.4, which represents a 9.1% drop at the time of writing. It’s clear that the announcement has led to volatility and uncertainty among traders and investors holding these assets.
Trading Restrictions Until Delisting Takes Effect
Until the delisting becomes effective, Coinbase will impose trading limitations on the affected cryptocurrencies. The exchange highlighted that only limit orders would be allowed for COVAL, RAI, and wAMPL during this period. This measure is intended to moderate trading activity and manage any potential disruptions before the final delisting.
Conclusion
Coinbase’s decision to delist COVAL, RAI, and wAMPL emphasizes the exchange’s commitment to maintaining high standards for its listed assets. Despite the immediate negative market responses, this move reflects a broader industry trend towards ensuring compliance and reliability within the cryptocurrency ecosystem. Investors and traders should remain vigilant and informed as they navigate these changes, taking note of each asset’s performance and the evolving criteria set forth by leading exchanges like Coinbase.
