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Coinbase, a top crypto exchange in the U.S., announced it has suspended trading for the Omni Network (OMNI) token on its platform. This announcement quickly triggered a 17% crash in the price of the OMNI token.
Coinbase halts OMNI token trading
Coinbase Markets disclosed on its official X account that the exchange has halted trading for OMNI-PERP contracts on two of its platforms.
According to the exchange, users can no longer trade OMNI-PERP on Coinbase Advanced and Coinbase International Exchange. This decision, which was announced earlier, now serves as a follow-up or confirmation.
Simply put, OMNI-PERP refers to a perpetual futures contract tied to the OMNI cryptocurrency. Unlike traditional futures contracts, perpetual futures allow traders to speculate on the price of an asset without an expiration date.
As revealed in the announcement, Coinbase Markets noted that traders did not need to manually close their trades.
Rather, any users who had open positions at the time of the suspension had their positions closed automatically by Coinbase.
The open positions were settled using a final price of $2.21643 USDC. This was determined by the average index price of the OMNI-PERP contract over the 60 minutes leading up to the suspension.
Coinbase on token delisting rampage
Coinbase did not share any reasons why it is delisting the OMNI token from its platform. However, it may be due to low liquidity, regulatory concerns or just technical decisions by the exchange.
In reaction to the delisting announcement, the price of OMNI has plunged more than 17% over the past 24 hours. As of press time, OMNI is priced at $2.25, with a market capitalization of $30.1 million.
The daily trading volume also decreased by 58.2% as investors showed declining interest in the token. Intriguingly, the suspension of OMNI from Coinbase follows recent token delisting announcements.
Earlier this month, Coinbase revealed it had disabled trading options for Polygon (MATIC). This delisting came shortly after Polygon disclosed plans for a token upgrade.
In September, Coinbase also halted trading for MKR-PERP, the perpetual futures contract for Maker. For final settlement, the exchange used a price of $1,814.05 for outstanding contracts.
Furthermore, the U.S.-based exchange decided to suspend trading for Function X (FX). Coinbase said it regularly monitors crypto assets trading on its platform to ensure they meet listing standards.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team