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Coinbase Halts Trading of Two Crypto Tokens: Here's Why

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Sat, 15/06/2024 - 14:34
Coinbase Halts Trading of Two Crypto Tokens: Here's Why
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Major crypto exchange Coinbase has announced the disabling of trading for Metal DAO (MTL) and Enjin Coin (ENJ) on its platform. This action implies that users may no longer be able to trade MTL and ENJ on the Coinbase platform.

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While trading for Metal DAO (MTL) and Enjin Coin (ENJ) is disabled on the Coinbase platform, user funds will remain accessible to them, and they will continue to have the ability to withdraw their funds at any time.

Coinbase's move to halt trading for Enjin coin follows a recent assessment in which the cryptocurrency exchange frequently reviews the assets on its platform to ensure they fulfill its listing standards.

Coinbase suspended trading on June 14 for Enjin Coin (ENJ) across all of its platforms, including Coinbase Simple and Advanced Trade, Coinbase Exchange, Coinbase Prime and Native DEX.

On June 4, Metal DAO successfully passed MIP-00, a proposal outlining its transition to Metal L2, which operates on the Optimism Superchain, similar to Base. MTL will be migrated from the Ethereum mainnet to the Metal L2 via airdrop.

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Coinbase has said that it will not be supporting the token airdrop and, hence, ceased trading for Metal DAO (MTL) on June 14. The stoppage of trading affects all Coinbase platforms: Simple and Advanced Trade, Coinbase Exchange, Coinbase Prime and Native DEX.

In a crucial advisory to MTL holders, Coinbase stated that to be eligible for the airdrop of the V2 MTL token, they must transfer their MTL assets to a self-custodial wallet that supports MTL V2 by June 23 to ensure access to the airdropped assets.

The impact of the Coinbase announcement was evident, with both MTL and ENJ witnessing a 24-hour price decrease, aided by the current market dip. At the time of writing, Enjin Coin was down 3.21%, trading at $0.2196, while Metal DAO was down 4.31%, to $1.25.

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