Commissioners Dissent on SEC’s NFT Enforcement Action on Stoner Cats 2, LLC

Commissioners Hester M. Peirce and Mark T. Uyeda of the Securities and Exchange Commission (SEC) have expressed their dissent regarding the Commission’s recent enforcement action on Stoner Cats 2, LLC’s non-fungible token (NFT) settlement. This marks the second time the Commission has taken such an action, with the Commissioners previously dissenting from the first.

The central issue revolves around the application of the Howey investment contract analysis to NFTs. The Commissioners argue that this application “lacks any meaningful limiting principle” and could have broad implications for creators across various domains. They emphasize that if securities laws were applied to physical collectibles in the same manner as they are to NFTs, it could stifle artists’ creativity due to legal uncertainties.

The Commissioners’ statement highlights the need for clear guidelines for artists and creators who wish to utilize NFTs to support their creative endeavors and engage with their fan communities. They stress that just because a transaction involves money, it doesn’t automatically categorize NFTs as securities.

The recent enforcement action in question pertains to an event in July 2021, where Stoner Cats sold 10,320 NFTs to the public, raising ether valued at $8.2 million. This funding was used to produce an animated series titled “Stoner Cats.” Those who purchased the NFTs received a unique image of a character from the series, exclusive access to the series and an online community, and access to unspecified future entertainment content. Notably, several renowned writers, animators, and voice actors collaborated on this project.

Drawing a parallel to the past, the Commissioners compared the Stoner Cats NFTs to Star Wars collectibles sold in the 1970s. Following the successful release of Star Wars in 1977, Kenner, a toy company, sold “Early Bird Certificate Packages” that could later be redeemed for action figures and a membership in the Star Wars fan club. The Commissioners posed a rhetorical question, suggesting that if the SEC’s current analysis were applied back then, the certificates might have been deemed investment contracts.

The statement concludes by acknowledging that while NFT creators are not exempt from securities laws, the Commission should ensure that artists retain the freedom to sell their work, cultivate a fan base, and involve fans in future projects. They believe that the SEC’s current approach to NFTs could deter content creators from leveraging social networks for content creation and distribution, further adding to the legal ambiguity faced by artists and other creators.

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Binance Revamps Fiat Liquidity Provider Program with New Eligibility Criteria and Incentives

Crypto Exchange Binance has announced updates to its Fiat Liquidity Provider Program, slated to come into effect from 25th September 2023 at 00:00 (UTC). The newly introduced changes emphasize a shift in the program’s review mechanism and incentives offered to liquidity providers.

Key Highlights of the Program Updates

1. Scope Limitation: The updated program will be restricted only to the specific fiat markets enumerated on Binance.com.

2. Performance Review: From 25th September 2023, liquidity providers will undergo a weekly evaluation based on a revised performance review mechanism. This review will shift from a symbol basis to an individual fiat market basis.

3. Maker Fee Rebates: Starting 2nd October 2023, 00:00 (UTC), rebates on the maker fees will be awarded to liquidity providers. These rebates will be rooted in the past week’s trading activity across the chosen fiat markets. 

The eligible fiat markets and associated rebates are as follows:

1. TRY and EUR: 2.0% User’s Weekly Spot Maker Volume with a -0.004% Maker Fee Rebate Rate.

2. BRL, GBP, RUB: 1.0% User’s Weekly Spot Maker Volume with a -0.006% Maker Fee Rebate Rate.

3. ZAR, PLN, NGN, UAH, RON: 0.5% User’s Weekly Spot Maker Volume with a -0.010% Maker Fee Rebate Rate.

4. ARS: 0.2% User’s Weekly Spot Maker Volume with a -0.010% Maker Fee Rebate Rate.

The formula for computing a user’s Weekly Spot Maker Volume percentage is as follows:

[User’s Weekly Spot Maker Volume % of the Total Binance Spot Maker Volume in Each Fiat Market] = [Each account’s weekly spot maker volume in each fiat market] divided by [Weekly maker volume in each fiat market on Binance Spot].

It’s further defined that a day spans from 00:00 (UTC) to 23:59 (UTC), while a week commences at 00:00 (UTC) on Monday and concludes at 23:59 (UTC) on Sunday.

Incentives and Eligibility

For the *Qualified Fiat Markets*: Participants will receive maker rebates and regular VIP taker fees on all pairs.

For *Unqualified Fiat Markets*: Participants will benefit from zero maker fees and standard VIP taker fees.

Participation Criteria

Traders who’ve amassed a 30-day trading volume exceeding 20,000,000 USDT on Binance’s Spot and Margin or on other platforms and can demonstrate competent liquidity providing strategies are invited to enroll in the Fiat Liquidity Provider Program. Aspirants are required to submit proof of their trading volume.

It’s worth noting that Binance reserves the right to modify the terms and conditions or disqualify participants, especially if an account is implicated in dishonest activities, like wash trading or market manipulation. Additionally, participants not meeting the required standards for three consecutive weeks will be excluded from the program.

The Binance Team concluded the announcement by appreciating the support of its users and directed those seeking more dedicated VIP and Institutional services to a specific link.

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Cosmos Hub Introduces New Liquid Staking Module and Dashboard Features

Cosmos (ATOM) Hub, an integral blockchain within the Cosmos Network, announced the successful completion of its v12 upgrade. The update introduces the Liquid Staking Module (LSM) that allows ATOM token holders to bypass the previously mandated 21-day unbonding period for unstaking their assets.

As per the official announcement on 13th September at 9:30 pm, the new LSM facilitates users to “directly liquid-stake their already staked #ATOM without waiting for the unbonding period.” This innovation aims to enhance the dynamics of the ATOM Economic Zone by enabling the staked ATOM to integrate seamlessly into the Cosmos decentralized finance (DeFi) ecosystem without undermining the staking returns. 

However, it’s essential to note that there are governance measures in place to ensure the security of this feature. Cosmos Hub tweeted a reminder emphasizing an initial limit where “the total amount of ATOM that can be liquid-staked is set at 25% of all staked ATOM.” This cap is flexible and subject to future changes through governance processes. In addition to this, for heightened security, the LSM requires validators keen on receiving delegations from liquid staking providers to self-bond a specific quantum of ATOM.

On another note, just 8 weeks following their initial launch, the team at NumiaData unveiled an enhanced dashboard for Cosmos Hub. This updated version, termed as “Data Lenses v2,” was spotlighted on 14th September at 2:50 am. It showcases an array of features including monitoring “On-chain Transaction Flows,” “Liquid Staked ATOM,” and “AEZ APR & Revenue Flow.” The dashboard, which can be accessed at http://datalenses.zone/chain/cosmos, is a product of user feedback and is designed to provide better user experience with improved UI/UX elements.

The shift from a 21-day unbonding period was notable as ATOM, the native token of the Cosmos network, required its holders to undergo a locking period of three weeks to transfer their funds post-unstaking. The recent v12 upgrade, named “Gaia 12,” became operational at 1:00 pm UTC on 12th September, recorded at block height 16985500. 

This development is a testament to the evolving blockchain space and how the integration of user feedback can result in advancements that streamline processes while safeguarding user interests.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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Central & Southern Asia Lead in 2023 Crypto Adoption, Chainalysis Reports

Central and Southern Asia are emerging as dominant regions in the global grassroots adoption of cryptocurrencies, according to the 2023 Chainalysis Global Crypto Adoption Index released on September 12.

Chainalysis, in its fourth annual Global Crypto Adoption Index, measures countries’ involvement in the crypto space by combining on-chain data with real-world statistics. The focus isn’t on countries with the highest transaction volumes, which would be predominantly dominated by wealthy nations. Instead, the index aims to spotlight countries where the average individual is more actively participating in the crypto ecosystem. 

The index consists of five sub-indexes: 

1. On-chain cryptocurrency value received at centralized exchanges, weighted by purchasing power parity (PPP) per capita.

2. On-chain retail value received at centralized exchanges, also weighted by PPP per capita.

3. Peer-to-peer (P2P) exchange trade volume, weighted by PPP per capita and the number of internet users.

4. On-chain cryptocurrency value received from DeFi (decentralized finance) protocols, weighed by PPP per capita.

5. On-chain retail value received from DeFi protocols, similarly weighted.

To estimate transaction volumes for these sub-indexes, the team uses web traffic patterns related to the relevant cryptocurrency services and protocols. Acknowledging that web traffic data might not be perfect, Chainalysis takes confidence from its vast data set, which includes “hundreds of millions of transactions and 13 billion web visits.”

India, positioned within the Central & Southern Asia and Oceania (CSAO) region, leads the 2023 Global Crypto Adoption Index. Six of the top ten countries are from the CSAO region, underscoring the area’s prominence in the crypto adoption landscape. Other notable entries include Nigeria, Vietnam, and the United States, ranked second, third, and fourth, respectively.

Interestingly, while global grassroots adoption seems to have declined, a different narrative unfolds in the subset of lower-middle-income (LMI) countries. LMI nations, which include rising economies such as India, Nigeria, and Ukraine, have exhibited the most robust recovery in grassroots crypto adoption over the past year. Notably, these countries have witnessed growth in crypto adoption that surpasses their Q3 2020 levels, even while other wealth categories lag.

LMI countries hold special significance as they house 40% of the world’s population and are characterized by dynamic industries and burgeoning populations. With crypto adoption burgeoning in LMI countries and institutional interest from high-income nations, the future may witness a unique blend of top-down and bottom-up adoption approaches.

The complete findings, trends, and insights are set to be detailed in the upcoming “2023 Geography of Cryptocurrency Report” by Chainalysis.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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Polygon Solutions to Ethereum Scaling Challenges: An Overview

According to official blog of Polygon Labs, Ethereum’s scaling problem isn’t a new conundrum, with its history being almost as ancient as Ethereum itself. What makes Ethereum uniquely robust is its steady evolution, ensuring the chain’s safety and decentralization. But the question arises, how does Polygon aim to augment Ethereum’s scalability?

Understanding Layer 1 (L1) and Layer 2 (L2)

L1 and L2 are often termed as the “parent” and “child” chain respectively. While the L1 operates independently, L2 has certain dependencies on L1, primarily for security and transaction data storage. The essence of all Ethereum L2s is to process and execute transactions, effectively making L2 an execution layer. However, the responsibility of reaching consensus—verifying transaction data and updating all blockchain accounts—falls to L1.

Ethereum’s careful progression towards consensus prioritizes security over speed. As a result, any perceived “slowness” in Ethereum is a consequence of its emphasis on safety.

Layer 2: A Solution to the Blockchain Trilemma

A classic engineering rule states: one can achieve either two of good, cheap, and fast simultaneously. In the blockchain context, the pivotal elements are decentralization, scalability, and security. Given the significance of security and decentralization, L2 emerges as the primary solution to address scalability concerns.

While many L2s were still in their development phase, several intermediate solutions existed, each with its unique approach to the trilemma.

Different Approaches to Scaling

State Channels: Existing off-chain, these utilize an on-chain smart contract to allow users to deposit assets. The catch? They function without L1 interaction and require a higher trust level due to their distinct transaction validation and dispute resolution logic.

Plasma Chains: Plasma chains submit periodic transaction summaries to the L1 in the form of block commitments, requiring lesser trust than state channels.

Rollups: The fundamental difference between sidechains (like state channels and plasma chains) and genuine L2s is their security assurance. While sidechains use consensus mechanisms, L2s employ cryptographic proofs. Among rollups, ZK rollups leverage validity proofs, and optimistic rollups utilize fraud proofs. Interestingly, ZK proofs can confirm the authenticity of a transaction batch without divulging specific details—a feature that boosts scalability without compromising on security or decentralization.

Polygon’s Role in Ethereum’s Scaling

Polygon 2.0 envisions to cater to diverse use-case requirements, ensuring the scalability of each. The present Polygon protocols encompass Polygon PoS, Polygon zkEVM, and Polygon CDK, with the forthcoming addition of Polygon Miden. Notably, these chains are designed to be interoperable, allowing swift cross-chain transactions without needing a direct bridge to Ethereum.

Polygon PoS: Launched in 2020, this network has overseen more than 2 billion transactions from over ten thousand dApps, at an average transaction fee of just $0.015. Polygon Labs has plans to transform Polygon PoS into a zkEVM validium, which would effectively convert it into a true L2.

Polygon zkEVM: A ZK rollup that mirrors the Ethereum Virtual Machine (EVM), ensuring a seamless experience for Ethereum developers. Since its inception on Mainnet, it has processed over 5 million transactions from 400,000 unique addresses.

Polygon Miden: Another ZK rollup, but with a focus on a ZK-centric design. This design extends the capabilities of EVM, facilitating the development of applications challenging to realize on account-based systems like Ethereum.

Polygon CDK: An open-source kit to develop ZK-powered L2s, ensuring scalability, security, and sovereignty.

In essence, the evolution of the Polygon ecosystem is steadily aiding in the realization of a more equitable future through the mass adoption of Web3. To keep abreast of Polygon’s progress, enthusiasts are encouraged to follow the Polygon Labs Blog and other associated communication channels.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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KuCoin’s Emphasis on Self-Regulation and User Security Highlighted at TOKEN2049

Alicia Kao, the Managing Director of KuCoin, recently participated in the TOKEN2049 panel, shedding light on the evolving challenges and prospects that cryptocurrency exchanges are likely to encounter. During the discussion, Kao underscored the significance of self-regulation in ensuring the sustainable growth of the crypto sector. She elaborated on KuCoin’s rigorous security protocols designed to safeguard the integrity of users’ assets and enhance transparency on the platform.

KuCoin, often referred to as the People’s Exchange, has consistently prioritized the security and safety of its users’ assets. This commitment is evident in their ongoing $1 million USD Bug Bounty Program, regularly released Proof-Of-Reserve reports, and the frequent dissemination of educational content. These initiatives reflect KuCoin’s dedication to shielding its users amidst a constantly shifting external landscape.

Furthermore, Kao revealed KuCoin’s aspirations to expand its global communities and zero in on emerging sectors and regions. This strategy aims to provide their user base with premier products and services. The TOKEN2049 panel discussion emerged as a rich source of knowledge and educational dialogue, enabling participants to gain a deeper understanding of the current state of the industry and anticipate its future direction.

TOKEN2049 serves as a premier platform for knowledge sharing, networking, and forging strategic partnerships. The event has successfully convened over 10,000 pioneers, innovators, and crypto enthusiasts to delve into and mold the future of blockchain and digital assets. KuCoin remains resolute in its mission to promote the unrestricted global circulation of digital value. The exchange continues to emphasize user asset protection, user education, and driving the industry’s advancement in a structured and sustainable fashion.

KuCoin, which claims to have been established in September 2017, stands as a leading global cryptocurrency exchange, boasting a user base of approximately 29 million across over 200 countries and territories worldwide. Recognized by some as the hub for crypto gems, KuCoin has endorsed more than 750 projects with over 1,300 trading pairs. Notably, over 200 projects made their global debut on KuCoin. Presently, KuCoin is listed among the top 5 crypto exchanges on platforms like CoinMarketCap and Coingecko.

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ConsenSys and Animoca Brands Investor C Capital Reaches New Heights with $250 Million Fund III

C Capital has successfully closed its Private Equity Fund III, accumulating over US$250 million in investments from both its main fund and associated co-investment ventures. This marks the firm’s most substantial private equity fund ever raised.

Driven by strong demand from both existing and new investors, the fund has exceeded its initial target. The newly launched Fund III boasts partnerships with more than 20 esteemed investors. These participants span various sectors and regions, encompassing funds of funds, established financial institutions, and prominent family offices from Asia Pacific, Middle East, Europe, and beyond.

Ben Cheng, C Capital’s CEO and president, highlighted the significance of this diverse group of investors, stating, “The broad consortium of investors we have attracted for this latest fund not only provides a boon in terms of capital injection but also stands as an endorsement of C Capital’s track record and forward-thinking investment paradigms.”

The firm plans to maintain its seasoned investment approach with Fund III, focusing on global growth-stage entities within the consumer and tech sectors. As of 31 August 2023, nearly 35% of C Capital’s portfolio companies achieved unicorn status, based on their latest financing round valuations. Notable names in this category include Casetify, Xiao Peng, NIO, Sensetime, Shein, Agile Robots, and Lalamove, among others.

Here’s a closer look at some of the prominent names within its diversified portfolio:

Shein: A leading international online fashion retailer known for its trendy, affordable apparel and accessories.

Animoca Brands: At the forefront of blockchain and gaming, Animoca Brands is recognized for its role in introducing non-fungible tokens (NFTs) to mainstream gaming and creating play-to-earn paradigms.

ConsenSys: A key player in Ethereum blockchain solutions, ConsenSys focuses on Ethereum software development and developer tools, having a vital role in the Ethereum ecosystem’s growth.

Sensetime: A globally recognized AI company, Sensetime specializes in computer vision and deep learning technologies and has applications across various industries, from finance to healthcare.

Threads: Renowned in the luxury fashion space, Threads has innovated shopping experiences through its unique tech-forward approach, blending luxury with the digital age.

Finery: In the tech-fashion crossover, Finery stands out with its wardrobe operating system, helping users organize and optimize their clothing collections.

Armarium: Catering to the luxury fashion sector, Armarium provides high-end fashion rentals, offering consumers access to the latest couture without the commitment of purchase.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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BNB and Optimism Synergy: opBNB Mainnet Launches with a Vision for a Billion Web3 Users

The highly anticipated opBNB Mainnet has gone live on September 13, 2023. Founded on the pillars of scalability, security, and cheaper transaction fees, opBNB’s inauguration is poised to bring another one billion users into the realm of Web3.

opBNB is distinguished as an Ethereum Virtual Machine (EVM)-compatible Layer 2 chain rooted in the Optimism OP Stack. This mainnet launch signifies a crucial step towards widening blockchain accessibility through reduced gas fees.

The odyssey to the opBNB Mainnet began with its Testnet launch on June 19, 2023. With over 35 million processed on-chain transactions and connections to more than 435,972 unique wallet addresses, the Testnet phase has been commendable. Other notable Testnet statistics include an average block time of roughly 1 second, processing of over 86,000 daily blocks, a daily transaction range of 100-150K, engagement with an active community of over 6,000 daily users, and the deployment of 150+ dApps.

opBNB’s Mainnet stands out with unique offerings. The Layer 2 gas costs plummet to a mere 0.2 gwei, and transactions can go as low as $0.005 per transfer. Among its security protocols, opBNB adopts a trustless approach that doesn’t make assumptions about the Sequencer. It ensures all transaction data is verified across all full nodes on the BNB Smart Chain. To ensure comprehensive network security, opBNB has already met crucial Mainnet genesis criteria. These include a high availability solution, peak performance of 4K transactions per second, stress testing, and consistent internal and external security audits. The Mainnet launch has been accompanied by over 150 projects pledging integration or development on the opBNB platform.

opBNB’s commitment to its developer community has been unwavering. By partnering with top-tier infrastructure and tooling providers, the user experience on the opBNB network has been notably enhanced. Moreover, community engagement initiatives such as the Hackvolution hackathon brought forth over 500 project submissions on the opBNB Testnet.

Post Mainnet launch, opBNB’s emphasis will be on strengthening network resilience and decentralization. Some of the future-focused initiatives are delving into the OP Stack framework to bolster the efficiency of their fraud-proof system, a strategic move to simplify network interactions, ensuring smooth data transitions and fostering an integrated ecosystem for developers, and a mechanism that intends to boost fairness and mitigate risks associated with centralization.

In conclusion, opBNB’s launch signifies a new chapter in blockchain technology, driven by accessibility and innovation. With a vision to welcome the next billion users to Web3, the opBNB network is set to redefine blockchain’s landscape.

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Galaxy Asset Mgmt Secures FTX Crypto Sale Bid; Weekly Cap Set at $50M

Key Takeaways

Galaxy Asset Management winning the bid.

The court-approved sale of FTX’s crypto assets.

The capped sale of $50 million per week.

Jeff Dorman, CFA and CIO of Arca, shares updates regarding the court-approved sale of FTX‘s crypto assets. Contrary to rising concerns, Dorman sheds light on the meticulous and strategic approach to the asset sales.

Galaxy’s Role and Regulations

Galaxy Asset Management, distinct from its trading desk, emerged victorious in its bid for the crypto assets. They have been mandated to function as fiduciaries, implying sales must be gradual and opportunistic. Notably, court documents restrict sales to a maximum of $50 million per week. Moreover, sales necessitate a written notice prior to their execution, while hedging remains at the discretion of the investment manager, presumably Galaxy.

Market Sentiment and Realities

Galaxy’s win has spurred massive reverse inquiries, ranging from legitimate funds to mere fishing expeditions. However, over-the-counter (OTC) sales are expected to dominate the buying process, reducing the likelihood of extensive selling on exchanges. Contrary to some speculations, Galaxy is unlikely to impulsively sell $3 billion in futures. Dorman asserts that the objective is to outperform a static portfolio, rather than converting the estate into a L/S fund.

Legal Constraints and Planning

It’s imperative to understand that Galaxy can’t “front-run” the sales for internal profit, as such a move would be illegal. Their asset management business remains insulated from their prop desks & Novgratz’s PA. As Dorman emphasized, this isn’t a hasty plan but a result of prolonged collaboration with courts.

Bankruptcy and Sales Strategy

Bankruptcies, particularly those as intricate as FTX, require time. The endgame is to maximize the estate’s value rather than expedite distributions. This approach might limit short-term gains but ensures there’s no hurried sale into weakness.

Market Makers & Selling Dynamics

Market dynamics often witness traders selling more than anticipated ahead of known block sales. To illustrate, if PIMCO sells $100 million of bonds and ten funds sell $50 million each in preparation, the actual coverage of the $500 million sold remains questionable.

Sales Tempo

If the market observes swift sales, it indicates strong demand and the market’s capacity to absorb it – a bullish sign. Conversely, slower sales suggest a lack of bids, which can also be seen as bullish or at the very least, neutral in its market impact.

In summary, Dorman believes that the sales process will be systematic, strategic, and potentially slower than expected, ensuring an organized transition. Traders and investors are advised to be informed and cautious in their decision-making.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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Coinbase Suspends Trading on 41 Non-USD Pairs

On September 13, 2023, Coinbase Exchange affirmed its decision to suspend 41 non-USD trading pairs. The list encompasses the following:

ALCX-USDT, BIT-USDT, BOBA-USDT, BOND-USDT, CLV-EUR, CLV-USDT

CTX-EUR, CTX-USDT, DDX-USDT, DIA-EUR, DIA-USDT, DYP-USDT

FARM-USDT, FIDA-EUR, FIDA-USDT, FIS-USDT, HOPR-USDT, INDEX-USDT

KRL-EUR, KRL-USDT, MATH-USDT, MDT-USDT, NCT-EUR, NCT-USDT

NEST-USDT, ORN-BTC, ORN-USDT, POLS-USDT, PRQ-USDT, QSP-USDT

SHPING-EUR, SHPING-USDT, SUKU-EUR, SUKU-USDT, SYLO-USDT

TIME-USDT, WAMPL-USDT, WCFG-BTC, WCFG-EUR, WCFG-USDT, XCN-USDT

This decision impacts users on three of Coinbase’s platforms: Coinbase Exchange, Advanced Trade, and Coinbase Prime.

Strengthening Market Health

The suspension stems from Coinbase’s continuous market monitoring. Their mission behind this significant action is to “improve overall market health and consolidate liquidity.” This change was scheduled “on or around 12PM ET on 13 September 2023.”

Options for Continuing Trades

Although these pairs have been suspended, trading remains viable on the platform. Users on Coinbase.com’s Advanced Trade have been advised to leverage “more liquid USD order books by using USDC balances.” Additionally, Coinbase Exchange traders have the option to adopt “USDC unification” and utilize their USDC holdings for trades in both USD or USDC order books.

Impact on Trading Volume: Minimal

Despite the lengthy list of suspended pairs, Coinbase underscores the relative minimal impact on their business. They elucidate that “these markets constitute an immaterial portion of Coinbase Exchange’s overall trading volume.”

Coinbase’s endeavor appears to lean towards enhancing its platform’s efficiency and user experience. The rationale behind choosing these particular non-USD pairs is likely informed by the company’s regular internal market evaluations.

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