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Coinbase to delist non-compliant stablecoins for EU clients over MiCA rules

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Crypto exchange Coinbase is set to delist unauthorized stablecoins from its European branch by year-end, in response to incoming MiCA regulations.

U.S.-based cryptocurrency exchange Coinbase will remove all non-compliant stablecoins from its European exchange by the end of this year, as the company moves to comply with the European Union’s new crypto regulations, Bloomberg has learned.

The Markets in Crypto-Assets framework, which came into effect in June for stablecoin issuers, requires companies to hold e-money authorization in at least one Europe’s member state. Further regulatory guidelines for exchanges like Coinbase will be enforced starting Dec. 31.

A spokesperson for Coinbase told Bloomberg that the exchange plans to restrict services related to non-compliant stablecoins, including Tether’s (USDT) by Dec. 30. The exchange will provide users with an update in November, outlining options to convert their holdings to alternatives such as Circle’s USD Coin (USDC).

In early July, French blockchain analytics firm Kaiko said in a research note that Circle has benefited from the MiCA regulations, with its stablecoins experiencing significant increases in daily trading volumes following the introduction of the new requirements.

Still, industry leaders have expressed concerns about the regulations. For instance, Tether CEO Paolo Ardoino cautioned that stringent cash reserve requirements could pose systemic risks to banks.

The delisting trend is not limited to stablecoins as Kraken recently announced it would halt trading and deposits of Monero (XMR) in the European Economic Area due to regulatory changes, following similar moves by Binance and OKX.



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24/7 Cryptocurrency News

Coinbase CLO Flags Inconsistencies In US SEC’s Securities Claim

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October 3, 2024

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Paul Grewal, the Chief Legal Officer at Coinbase has spotted some inconsistencies in crucial legal claims of the United States Securities and Exchange Commission (SEC). The basis for his opinion was the Lejilex lawsuit controversy that had the regulator file a reply brief.

Coinbase Support For Lejilex in SEC Lawsuit

In the Lejilex case, the SEC argued “whether a digital-asset transaction is a securities transaction is not determined by the nature of the asset.” However, Grewal pinpointed that the Commission argued the precise opposite to Judge Failla in its case.

He claimed the SEC is obviously telling one judge one thing and telling the other something else.

The Coinbase executive does not think this level of inconsistency should be tolerated from US authorities. The American cryptocurrency exchange has been backing Lejilex for the past few months against the SEC. In July, it showed it support to the firm by filing Amicus Brief challenging the U.S SEC’s overreach. Coinbase’s argument has always been for the SEC to provide clarity on the regulation for the crypto industry.

Grewal once stated that Coinbase will do everything within its jurisdiction to get regulatory certainty for the millions of Americans who own cryptocurrencies. The firm has done this in many ways including appealing the denial of rulemaking petition from the US SEC.

Furthermore, he highlighted that regulation by enforcement is bad for consumers, restricts innovation and hurts the US economy.

SEC Lawsuits With Ripple

On Coinbase lawsuit with the SEC, there has been an unexpected pause on the request of the Commission. For context, the government agency requested that the court grant an extension of time to complete discovery. It asked for a four-month extension, pushing the deadline from October 18 to February 18 next year.

While they wait, Coinbase filed a motion to compel the U.S. Commodity Futures Trading Commission (CFTC) to produce communications with issuers of 12 tokens named in a related lawsuit brought by the SEC. This motion is to help it in an ongoing lawsuit in the Southern District of New York (SDNY).

Blockchain payment firm Ripple Labs is also a victim of the consistent crypto crackdown from the SEC. Its case with the regulator has been ongoing for over three years. The US SEC recently filed for a Notice of Appeal in the ongoing case in response to a verdict on XRP’s securities status.

Several pro-XRP lawyers think the regulator does not stand chance this time as well.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

Follow him on Twitter, Linkedin

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Coinbase Issues Temporary Outage Update To Users, Here’s Why

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3 days ago

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October 1, 2024

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American cryptocurrency exchange Coinbase Global Inc. has taken to X to inform its users of an incoming temporary outage on its platform. The exchange clarified that its platform would be temporarily unavailable because of an upgrade that it intends to carry out.

Coinbase Plans a System Upgrade

The scheduled upgrade will commence on Saturday, October 26, 2024, at or about 9 AM PT and last for two hours. This temporary pause will affect several of the exchange’s products, including the Simple and Advanced Trade. Trading across Coinbase platforms like Exchange and Prime will also be unavailable.

According to the digital asset service provider, all transfers will be unavailable on Coinbase Exchange, and any in-flight transfers will be delayed. However, users will still have access to their accounts, and no action is required. Coinbase has seen a number of such service outages in the past.

When Bitcoin hit an All-Time High (ATH) of more than $73,000, Coinbase faced a massive outage. It is worth noting that this particular Coinbase outage marked the third within two weekS.

In May, the crypto exchange experienced system-wide outage but saw a quick full recovery. Users kept giving a “503 Service Temporarily Unavailable” error message. Once it was fixed, Coinbase apologized to the users for the inconvenience caused during the downtime. They were reassured of the restoration of services.

While this development may cause some inconvenience, it is likely to bring some improvements to the exchange and its Layer-2 blockchain Base. Notably, the launch of cbBTC is expected to have a similar effect on Base Network in the long term. Precisely, it is set to enjoy increased network activity in the wake of the “Uptober” hype.

Exchanges and Flagship Listings

In another Coinbase update, the trading platform has been adding support for new projects in the industry.

In one of such instances, users were encouraged to avoid sending EigenLayer (EIGEN) over other networks or risk losing their funds. This is because Coinbase added support for EIGEN on the Ethereum network (ERC-20 Token). Also, transfers for the asset would be made possible on Coinbase in regions where their trading is allowed.

Binance has also confirmed EIGEN listing. The spot trading for specific pairs commenced today October 1 at 05:00 UTC. Markedly, the new spot trading pairs available for trading are EIGEN/BTC, EIGEN/USDT, EIGEN/FDUSD, and EIGEN/TRY.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

Follow him on Twitter, Linkedin

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Coinbase Adds EigenLayer (EIGEN) To Listing Roadmap, Price To Rally?

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7 days ago

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September 28, 2024

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Coinbase has included EigenLayer (EIGEN) in its future listing plan, which has been welcomed by the crypto enthusiasts. This comes at the same time as EigenLayer is starting the second round of its airdrop, called the “stakedrop,” which was launched on September 16th, 2024. The airdrop is the last step before EIGEN tokens are listed on exchanges and therefore increase the market expectation.

Coinbase Adds EigenLayer (EIGEN) To Listing Roadmap

The addition of EigenLayer (EIGEN) into Coinbase’s roadmap is in line with the exchange’s plan to increase the number of assets available to traders and investors. When adopting EIGEN, the crypto exchange expands its series of the Ethereum-based assets that the company offers.  The Ethereum network (ERC-20) contract address for EigenLayer (EIGEN) is 0xec53bF9167f50cDEB3Ae105f56099aaaB9061F83.

This is part of its new listing review process which has shifted from the previous ‘assets under consideration’ to a ‘roadmap’ section. This is to enable the investors to have better and frequent information on the new listing schedules in the market so that they can make better and informed decisions.

Crypto exchange Coinbase has had previous price increases after the announcement of assets roadmap. For instance, Zetachain (ZETA) gained over 20% after it was added to the roadmap. Likewise, Gravity (G) also experienced a price surge. As a result,once EIGEN becomes tradable it may exhibit similar trend which may lead to optimism of a rally. This expectation aligns with price recovery expectations of Hamster Kombat after the exchange disclosed support for the token.

Warnings on Premature Transfers and Trading

Although the listing has generated interest, Coinbase has informed its customers that it will not enable transfers and trading for EIGEN until the listing is complete. Investors are advised not to deposit these tokens early as this may result to total loss of the invested funds. 

The warning reminds users of the need to follow official announcements and not to start trading until they receive the green light from the Crypto exchange.

Besides the roadmap listing, the Crypto exchange has added the label “Experimental” for new assets. This labeling usually relates to the assets that may be characterized with higher risks and volatility since they are relatively new to the market. EIGEN could well fit into this category especially once trading is underway, however, there is scope for even higher rewards based on market conditions.

EigenLayer Second Season Stakedrop

Concurrently, EigenLayer’s second season airdrop, or “stakedrop,” is currently underway, allowing participants to claim tokens between September 16, 2024, and March 16, 2025. However, the airdrop has received mixed reactions from the crypto community. One point of contention is that only 15% of the total EIGEN token supply is being distributed through the airdrop, leading to disappointment among some community members who expected a larger allocation. 

Despite these criticisms, EigenLayer remains a notable player in the decentralized finance (DeFi) space, with a Total Value Locked (TVL) of $11.9 billion, ranking third behind Lido and Aave.

Crypto researcher Ignas has estimated that EIGEN’s market capitalization will be around $600 million when trading begins, with approximately 87 million tokens distributed during the second airdrop season. This figure accounts for about 5.2% of the total supply. While the pre-market price of EIGEN has been declining, analysts are closely watching to see if Crypto exchange Coinbase’s listing could spark a price rally similar to previous assets that joined the platform’s roadmap.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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