Coinbase Assets Announces Suspension of Trading for Six Tokens

The suspension will take effect starting Sept. 7, about two weeks from now.

In a surprising move, crypto exchange Coinbase announced that it would be suspending trading for six cryptocurrency assets. The tokens affected by this suspension include BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI), and Voyager (VGX).

This suspension means that these assets will no longer have access to some of the exchange’s core services, such as Simple and Advanced Trade, Coinbase Pro, Coinbase Exchange, and Coinbase Prime. The suspension will take effect starting Sept. 7, about two weeks from now.

We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on recent reviews, we will suspend trading for BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI), & Voyager (VGX) on September 6, 2023, around 9AM PT.

— Coinbase Assets 🛡️ (@CoinbaseAssets) August 23, 2023

Coinbase’s announcement quickly gained attention online, with thousands of views and likes on Twitter within hours. The decision to suspend these assets is part of Coinbase’s ongoing commitment to maintaining high-quality standards for the assets listed on its exchange. After a thorough review, the firm determined that these assets fell short of the listing standards required by the popular exchange.

Following the announcement, the affected assets recorded significant price plunges. BOND fell by 5.1%, DDX by 24%, JUP by 16%, OOKI by 0.5%, VGX by 6%, and MULTI by 0.7%. This recent delisting adds to Multichain’s growing problems, including the arrest of its CEO and the shutdown of its bridge after losing over $109 million in crypto. In fact, many in the crypto community now believe that MULTICHAIN is a dead project.