3 Crypto tokens tanks badly, as Coinbase annnouced delist plan

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Coinbase exchange announced that it will delist five crypto assets from its platform, as they are not meeting the exchange’s listing criteria.

Coinbase is the second top-ranked crypto exchange by market cap. In 2012, this exchange was founded by former Airbnb engineer Brian Armstrong, who is currently CEO of this exchange. This exchange went public in 2021. This year, Coinbase received a lawsuit action by the United States Securities and Exchange Commission (SEC).

On 20 Oct 2023, Coinbase exchange announced that it will delist Crypterium (CRPT), MXC (MXC), Quantstamp (QSP), Ren (REN), TE-FOOD (TONE) tokens from the Coinbase exchange.

As announced, the latest monitoring results showed that the mentioned crypto assets are no longer meeting the listing criteria. 

These mentioned tokens will not remain available for trading from 3 Nov 2023. 

At the time of writing this article, the total market cap of all mentioned crypto assets is nearly $60.8 million. In short, it will reduce the $60 million trading volume from the platform.

Following this news, the trade price of CRPT tokens plunged 20% on the same day. 

3 Crypto tokens tanks badly, as Coinbase annnouced delist plan 1

MXC token faced only a 2% price dump and the REN token trade price is down nearly 0.7 %. In short, we can say that delist news by Coinbase remained unfazed for MXC token & REN tokens.

QSP token also tanked 19% within a few hours of the Coinbase delist announcement.

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Tone token also crashed nearly 20% after this bad news. 

Coinbase, Ireland, & EU 

Recently we reported that the Coinbase exchange planned to establish its central crypto service operational hub in Ireland. If Coinbase succeeds in its plan then it will be able to provide its crypto services across all the EU member countries on behalf of a single crypto licence “MiCA”. 

Since Q3 of this year, Coinbase exchange showed its significant Inclination toward non-US jurisdictions. As per reports, this exchange is trying to expand its crypto services reach in multiple countries, so that the company can get significant diversification.

Read also: Ripple CEO says XRP can’t fulfil all needs, so there is space for Bitcoin & other tokens