Coinbase Suspends Trading on 41 Non-USD Pairs
On September 13, 2023, Coinbase Exchange affirmed its decision to suspend 41 non-USD trading pairs. The list encompasses the following:
ALCX-USDT, BIT-USDT, BOBA-USDT, BOND-USDT, CLV-EUR, CLV-USDT
CTX-EUR, CTX-USDT, DDX-USDT, DIA-EUR, DIA-USDT, DYP-USDT
FARM-USDT, FIDA-EUR, FIDA-USDT, FIS-USDT, HOPR-USDT, INDEX-USDT
KRL-EUR, KRL-USDT, MATH-USDT, MDT-USDT, NCT-EUR, NCT-USDT
NEST-USDT, ORN-BTC, ORN-USDT, POLS-USDT, PRQ-USDT, QSP-USDT
SHPING-EUR, SHPING-USDT, SUKU-EUR, SUKU-USDT, SYLO-USDT
TIME-USDT, WAMPL-USDT, WCFG-BTC, WCFG-EUR, WCFG-USDT, XCN-USDT
This decision impacts users on three of Coinbase's platforms: Coinbase Exchange, Advanced Trade, and Coinbase Prime.
Strengthening Market Health
The suspension stems from Coinbase's continuous market monitoring. Their mission behind this significant action is to "improve overall market health and consolidate liquidity." This change was scheduled "on or around 12PM ET on 13 September 2023."
Options for Continuing Trades
Although these pairs have been suspended, trading remains viable on the platform. Users on Coinbase.com's Advanced Trade have been advised to leverage "more liquid USD order books by using USDC balances." Additionally, Coinbase Exchange traders have the option to adopt "USDC unification" and utilize their USDC holdings for trades in both USD or USDC order books.
Impact on Trading Volume: Minimal
Despite the lengthy list of suspended pairs, Coinbase underscores the relative minimal impact on their business. They elucidate that "these markets constitute an immaterial portion of Coinbase Exchange’s overall trading volume."
Coinbase’s endeavor appears to lean towards enhancing its platform's efficiency and user experience. The rationale behind choosing these particular non-USD pairs is likely informed by the company's regular internal market evaluations.