Coinbase issues delisting warning to streamline offerings

In a recent announcement, Coinbase announced its decision to stop trading Enjin Coin (ENJ) on June 14, 2024, at approximately 2 p.m. ET. This move comes after a series of reviews conducted by the platform to ensure that all listed assets meet its strict standards for security, compliance, and performance.

Coinbase regularly reviews digital assets listed on its platform to ensure they meet the exchange’s listing standards. While the specific reasons for delisting Enjin Coin were not explained, Coinbase’s decision suggests that ENJ may no longer meet the listing criteria.

“We regularly monitor the assets on our exchange to ensure they meet our listing standards. Due to recent reviews, we will cease trading Enjin Coin (ENJ) on June 14 at approximately 2 p.m. ET,” Coinbase said in its announcement. The platform did not provide specific details on the results of the review, but stressed its commitment to maintaining a compliant trading environment.

Trading of Enjin Coin will be suspended on Coinbase Simple and Advanced Trade, Coinbase Exchange, Coinbase Prime, and the native DEX. In light of the impending delisting, Coinbase stated that it has moved its ENJ order books to limit-only mode. Limit orders can be placed and canceled, and matches may occur.

Holders of Enjin Coin on Coinbase should note that trading of ENJ on the above platforms will cease at approximately 2 p.m. ET on June 14, 2024. Users may need to manage their ENJ holdings accordingly before this deadline.

Enjin allows game developers to tokenize in-game elements on the Ethereum blockchain. It uses Enjin Coin, an ERC-20 token, to back the digital assets issued through its platform.

Following the delisting announcement, the price of the ENJ token suffered a significant decline, falling by almost 11%.

At the time of writing, ENJ was down 10.23% in the last 24 hours, trading at $0.3101. Coinbase is the second-largest crypto exchange contributing to Enjin’s daily trading volume after Binance, hence the price reaction.

Interestingly, while the price was declining, the 24-hour trading volume for Enjin Coin increased by 308%. This increase in volume indicates increased trader activity, possibly because traders are quickly rebalancing their positions following the delisting news.

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Tomiwabold Olajide