On September 15, 2024, Coinbase will suspend eight non-USD crypto trading pairs. this move aims to centralize liquidity within more active markets, though the underlying assets will remain accessible via USD order books.
The September 15 suspension of eight non-USD pairs
Coinbase is set to halt trading for eight specific non-USD cryptocurrency pairs on September 15, 2024. According to Coinbase Markets, the affected pairs include ANKR-EUR, BAT-BTC, and BAT-ETH, as well as COMP-BTC, FIL-BTC, and GRT-BTC, along with JASMY-USDT and YFI-BTC.
While these specific trading options are being removed, the underlying assets are not being delisted from the platform. The exchange confirmed that assets such as ANKR, BAT, COMP, FIL, GRT, JASMY, and YFI will remain available for trading through their respective USD order books on Coinbase Advanced. to prepare for the transition, Coinbase has already moved these eight order books into a limit-only mode, meaning market orders are no longer accepted by the system.
A sequence of market reductons since May 14
This move is part of a broader trend of market consolidation at Coinbase that has been occurring throughout 2024. As the report notes, the exchange previously suspended six non-USD markets on August 6, which included LSETH-ETH, MINA-EUR, GRT-GBP, MASK-GBP, CHZ-USDT, and CRO-USDT.
This follows an even earlier round of suspensions on May 14, which targeted pairs such as APT-USDT, ENS-USDT, ICP-USDT , ICP-GBP, ROSE-USDT, and SAND-USDT. Beyond just removing trading pairs, Coinbase has also taken the step of disabling trading entirely for certain assets. In August,the exchange removed Idex (IDEX), Loopring (LRC), Omni Network (OMNI), Pirate Nation (PIRATE), and StaFi (FIS) after determining they no longer met the platform's listing standards.
The specific squeeze on The Graph (GRT) liquidity
The recent changes highlight how certain assets are losing their secondary market presence on the platform. For example, The Graph (GRT) is currently facing its second pair reduction in just over a month. Following the removal of the GRT-GBP pair in August, the exchange is now eliminating the GRT-BTC pair.
This pattern suggests that even establsihed assets may see their trading options narrowed as Coinbase prioritizes high-volume USD-denominated markets over diverse currency pairings. For traders who rely on Bitcoin or Ethereum pairs to manage their positions, this reduction limits the available avenues for direct exchange.
Will these liquidity shifts lead to full delistings?
While Coinbase states that the current suspension of pairs is intended to "improve overall market health," several questions remain for the trading community . It is unclear whether the removal of these non-USD pairs is a permanent shift toward a USD-centric model or if it serves as a precursor to further asset reviews. Furthermore, the exchange has not specified if the assets currently limited to USD order books will eventually face the same listing standard reviews that led to the total removal of assets like Loopring (LRC) and Omni Network (OMNI).
Comments 0