Coinbase Delists Rally (RLY), DFI Money (YFII), Mirror (MIR), OMG Network (OMG), Loom Network (LOOM), and Augur (REP)
In a recent announcement, Coinbase exchange has stated that it will be suspending trading for six cryptocurrencies on March 29, 2023. The affected cryptocurrencies include Rally (RLY), DFI Money (YFII), Mirror (MIR), OMG Network (OMG), Loom Network (LOOM), and Augur (REP). The reason behind this suspension is that Coinbase regularly monitors the assets on its exchange to ensure they meet its listing standards, and based on recent reviews, the aforementioned cryptocurrencies no longer meet those standards.
We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on recent reviews, we will suspend trading for Rally (RLY), DFI Money (YFII), Mirror (MIR), OMG Network (OMG), Loom Network (LOOM), & Augur (REP) on March 29, 2023.
— Coinbase Assets (@CoinbaseAssets) March 15, 2023
Coinbase is one of the most popular and widely used cryptocurrency exchanges, and the delisting of these six cryptocurrencies has sent shockwaves through the cryptocurrency community. In response to the news, prices for all six cryptocurrencies have experienced a substantial decline. Rally (RLY) has fallen nearly 20%, currently trading at $0.01486. DFI.money (YFII) has seen an 8% drop, Mirror (MIR) has fallen 18%, OMG Network (OMG) has dropped 11%, Loom Network (LOOM) has seen a 12% drop, and Augur (REP) has fallen 5% in just 24 hours.
The suspension of trading on Coinbase will affect several trading platforms, including Coinbase.com (Simple and Advanced Trade), Coinbase Pro, Coinbase Exchange, and Coinbase Prime. However, Coinbase has reassured its users that their funds will remain accessible, and they will still have the ability to withdraw their funds at any time.
This move by Coinbase is not entirely unexpected, as the exchange has previously delisted other cryptocurrencies in the past. However, the news has highlighted the importance of meeting listing standards and regulations, as failing to do so can have significant consequences for cryptocurrencies and their investors.
In conclusion, the suspension of trading for Rally (RLY), DFI Money (YFII), Mirror (MIR), OMG Network (OMG), Loom Network (LOOM), and Augur (REP) on Coinbase has caused a significant decline in prices for these cryptocurrencies. The move by Coinbase emphasizes the importance of meeting listing standards and regulations, and it will be interesting to see how this news will affect the wider cryptocurrency market in the coming days and weeks.
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