coinbasehas issued a warning that it is preparing to end support for six Ethereum-based altcoins.
The US-based crypto trading giant has announced that it is preparing to delist Rally (RLY), DFI Money (YFII), Mirror (MIR), OMG Network (OMG), Loom Network (LOOM) and Augur (REP).
This altcoin‘s will no longer be available for trading as of Wednesday, March 29. Those who have investments in these assets will be able to withdraw their assets without any time limit.
Coinbase has not made it clear why it is removing crypto assets from its platform, aside from stating that it “regularly monitors assets on our exchange to ensure they meet our listing standards.”
In a blog post published in May of 2021, Coinbase detailed the requirements for any altcoin to be listed on the platform.
Prominent cryptocurrency The exchange underlines that it routinely conducts legal, compliance and technical security reviews when listing new assets, and regularly reviews currently accepted altcoins to ensure they continue to meet its standards.
Specifically, the exchange assesses the level of centralization of a given asset, whether it has a real use case, whether its code is secure and verifiable, and whether the team behind the project is making claims about whether the investment is an asset or a security.
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