Coinbase faces delisting on 2 European exchanges over reference code error | Currency News | Financial and Business News

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Coinbase made its trading debut on the Nasdaq this month.

  • Coinbase shares may be delisted from two European exchanges due to a coding error.
  • “A correct LEI code is a regulatory requirement for admission to trading in Europe,” said the Xetra trading system.
  • The situation can be resolved with an application for an LEI, said Xetra.
  • You can find more articles on Insider’s business page.

Coinbase shares have to be delisted from two European trading venues operated by Deutsche Börse this week due to a coding error with the cryptocurrency platform.

The shares could be removed from the Xetra trading system and the Frankfurt Stock Exchange by the end of Friday, everyone announced in their Twitter feed on Wednesday.

According to Xetra, traded securities must meet various criteria, including an LEI or an individual 20-digit identification code.

“When Coinbase started trading, an LEI code was incorrectly used for a Coinbase company that cannot be assigned to the company launched last week (Coinbase Global Inc.). A correct LEI code is a regulatory requirement for admission to trading in Europe, “he wrote to Xetra. “The only way for Coinbase to resume trading is for the issuer to apply for an LEI,” it said.

Coinbase was traded on the Frankfurt Stock Exchange last Wednesday when the company’s direct listing in the US debuted on the Nasdaq. Coinbase is the largest cryptocurrency exchange in the United States and its IPO has been cited as a milestone for the digital coin, token, and blockchain technology industry.

Coinbase’s Nasdaq-traded shares rose nearly 2% on Wednesday. The stock was reportedly listed as a buy from Rosenblatt Securities on Wednesday.