Coinbase is set to remove 41 non-USD trading pairs including ALCX/USDT and BIT/USD.
The crypto exchange is suspending the pairs to improve overall market health and consolidate liquidity.
Users of Coinbase Advance will be able to trade the suspended assets through their USDC balances.
The crypto exchange clarified that the suspended crypto trading pairs accounted for a negligible trading volume.
Coinbase is set to suspend trading for dozens of non-USD trading pairs next month. The California-based crypto exchange announced earlier today that it would remove 41 non-USD trading pairs including ALCX/USDT, BIT/USDT, INDEX/USDT, and dozens more. The decision to suspend the trading pairs was taken following a regular review of the markets on the crypto exchange.
Coinbase Advance Users Can Trade Suspended Pairs
Coinbase Exchange took to X (formerly Twitter) earlier today to announce the suspension of the 41 non-USD trading pairs. According to a separate incident report filed on the exchange’s official website, the crypto exchange decided to remove the pairs in an effort to improve the overall market health and consolidate liquidity.
On September 13, 2023, dozens of non-USD markets including CTX/USDT, ORN/USDT, NEST/USDT, etc. will be removed from Coinbase Exchange, Advanced Trade, and Coinbase Prime. However, users of Coinbase Advance will be able to trade the suspended trading pairs on the firm’s more liquid USD order books by using their USDC balances.
Additionally, Coinbase Exchange users will also be able to continue trading the above-mentioned crypto assets by opting into the USDC unification. The USD-USDC experience was introduced earlier this year to allow the exchange’s users to use their USDC balances to open trades in the exchange’s USD books.
According to Coinbase Exchange, the markets affected by its latest decision accounted for a negligible amount of the crypto giant’s total trading volume. News of the mass suspension by Coinbase came just hours before the exchange announced that it would add support for PayPal’s recently launched stablecoin, PYUSD.