Coinbase just issued an alert to crypto traders, warning it is preparing to end support for six altcoins built on Ethereum.
The US-based crypto trading giant says it’s preparing to delist Rally (RLY), DFI Money (YFII), Mirror (MIR), OMG Network (OMG), Loom Network (LOOM), and Augur (REP).
The coins will no longer be available for trading starting on Wednesday, March 29th.
Investors in those assets will still be able to withdraw their funds indefinitely.
Coinbase has not explicitly outlined why it is removing the crypto assets from its platform, aside from stating that it “regularly monitor(s) the assets on our exchange to ensure they meet our listing standards.”
In a blog post from back in May of 2021, Coinbase detailed the requirements needed for any altcoin to be listed on the platform.
The exchange says it routinely conducts legal, compliance, and technical security reviews while listing new assets, and regularly reviews already accepted altcoins to ensure they continue to meet its standards.
Specifically, the exchange evaluates a given coin’s level of centralization, whether it has a real use case, whether its code is secure and verifiable, and whether the team behind the project has made claims about whether the investment is an asset or a security.
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Featured Image: Shutterstock/AddOuts/Natalia Siiatovskaia
