Deutsche Boerse Group said it would remove Coinbase’s shares from its Xetra digital exchange and the Frankfurt Stock Exchange.
According to Reuters Deutsche Boerse he said it would remove Coinbase Global from the two exchanges due to “missing benchmarks” for equities. The group reported that someone involved in listing Coinbase’s shares had used the wrong legal entity code (LEI). The Code is a regulatory requirement for all companies involved in financial transactions.
Unless Coinbase or Deutsche Boerse intervene, the shares will no longer be listed on the Xetra or the Frankfurt Stock Exchange, beginning with the end of trading on Friday, April 23. The group added that the measures would continue until further notice.
“The only way for Coinbase to resume trading is for the issuer to request an LEI,” Deutsche Boerse said.
Coinbase made headlines last week when the company became the first major cryptocurrency exchange to make a direct listing on Nasdaq. In the run-up to the stock’s debut, the COIN reference price was set at $ 250, with the price rising to about $ 430 a year later shares began trading April 14. At the time of publication, the value of the COIN is $ 314 fallen 2% in the last 24 hours.
Deutsche Boers’ e-commerce platform has been responsible in recent weeks for launching several products traded on cryptocurrency exchanges, or ETPs. Last Wednesday, the London band ETC launched its physical cryptocurrency traded in litecoin on the Xetra platform following the platform that started trading in ETC ether (ETH) exchange traded commodity product and Ether 21 and Bitcoin Cash 21Shares (BCH) ETP.