Coinbase Gives Warning to Crypto Traders That It Will No Longer Accept Six Altcoins Based on Ethereum

Coinbase has recently sent a notice to cryptocurrency dealers, informing them that it intends to discontinue support for six cryptocurrencies based on Ethereum.

The US-based cryptocurrency trading company has announced that it would delist Rally (RLY), DFI Money (YFII), Mirror (MIR), OMG Network (OMG), Loom Network (LOOM), and Augur (REP).

As of Wednesday, March 29th, the coins will no longer be accessible for exchange. Investors in these assets will continue to have indefinite access to their funds.

The only explanation provided by Coinbase is that it “frequently monitors the assets on our exchange to confirm that they match our listing requirements.”

In a May 2021 blog post, Coinbase outlined the standards necessary for any cryptocurrency to be included on the site.

The exchange claims that it frequently undertakes legal, compliance, and technological security evaluations before listing new assets and routinely evaluates approved altcoins to ensure they continue to fulfill its criteria.

In particular, the exchange examines the degree of centralization of a specific currency, whether it has a meaningful use case, if its code is secure and verifiable, and whether the team behind the project has claimed whether the investment is an asset or a security.

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