Coinbase Drops Status (SNT) In Latest Delisting Wave

Coinbase, the leading crypto exchange in the US, has decided to stop trading for Status (SNT), a decentralized messaging platform, on Feb. 23, 2024. The exchange announced this move on Twitter, saying it was based on a recent review of the assets on its platform. Status (SNT) is still available on other exchanges, such as Binance, OKX, and Upbit, as reported by Wu Blockchain.

Coinbase said it regularly monitors the assets on its exchange to ensure they meet its listing standards. As a result, it will suspend trading for Status (SNT) on all its platforms, including Coinbase Simple and Advanced Trade, Coinbase Exchange, and Coinbase Prime. SNT order books have been set to limit-only mode, which means only limit orders can be placed, canceled, and matched.

This is not the first time Coinbase has delisted an asset. Earlier this month, the exchange discontinued support for Bitcoin SV (BSV), a controversial fork of Bitcoin. Coinbase also removed trading for Aragon (ANT), ATA, DREP, MONA, and SYLO.

Coinbase’s delisting spree comes amid increased regulatory scrutiny from the US Securities and Exchange Commission (SEC), which sued Coinbase and Binance, another major crypto exchange, last year. The SEC accused exchange of operating as an unregistered securities exchange, a charge that exchange denies and seeks to dismiss.

Binance Follows Coinbase Suit With More Delistings

This week, Binance, the leading cryptocurrency exchange by volume, revealed additional delistings. Monero (XMR), a privacy-centric cryptocurrency, is among those slated for removal, following Binance’s latest assessments. Additionally, Binance announced the cessation of trading for Aragon (ANT), Multichain (MULTI), and Vai (VAI), adding to the list of affected assets.

Binance and Coinbase are not the only exchanges that have delisted assets in recent times. Other exchanges, such as Kraken, Bitfinex, and Huobi, have also removed some assets from their platforms, citing various reasons, such as low liquidity, regulatory compliance, or technical issues.

The delisting trend has sparked mixed reactions from the crypto community, with some users expressing disappointment, frustration, or confusion, while others supporting the exchanges’ decisions or seeking alternatives. The delisting also raises questions about the future of crypto regulation, innovation, and diversity.

Related Reading | Bitcoin price At risk: Analyst predicts $55M liquidation

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