Deutsche Boerse to Delist Coinbase’s Shares (COIN) on Friday: Report
Germany’s leading stock exchange, Deutsche Boerse AG, plans to delist COIN – the shares of the largest American cryptocurrency exchange, Coinbase. The organization justified its decision with wrongfully inserted reference data, which has to be resolved before COIN is relisted.
- Reuters reported earlier today Deutsche Boerse’s intentions to remove the shares of Coinbase from its trading platform.
- The large exchange breached “missing reference data for these shares” as the primary reason for the delisting.
- Upon their launch at Deutsche Boerse’s platforms, the COIN shares started trading with an error in the so-called LEI code. However, the statement outlined it was still unclear who made the mistake.
- The LEI codes are individual reference lines needed for identification and a regulatory requirement for admission of listing and trading.
- The Frankfurt-headquartered organization added, “the only way for Coinbase to resume trading is for the issuer to apply for an LEI.”
- CryptoPotato reported last week when the giant US-based crypto exchange officially became a publicly traded company as it debuted on Nasdaq.
- The development was regarded as a significant milestone in the cryptocurrency adoption cycle as it became one of the largest public listings in US history.
- COIN started with a price tag of around $400 but faced enhanced volatility immediately after the launch. Following a price slump of over $100, the Coinbase shares have calmed above $300.