Deutsche Boerse Group has said it will remove the listing of Coinbase on its Xetra digital stock exchange as well as on the Frankfurt Stock Exchange.
According to Reuters, Deutsche Boerse said it would take Coinbase Global out of the two exchanges due to the “lack of reference data” for shares. The group stated that someone involved in listing Coinbase shares used an incorrect legal entity identification code or LEI code. The code is a regulatory requirement for any company involved in financial transactions.
Unless Coinbase or Deutsche Boerse take action, the shares will no longer be listed on Xetra or the Frankfurt Stock Exchange as of the end of trading on Friday, April 23rd. The group added that the measures will continue until further notice.
“The only way Coinbase can resume trading is for the issuer to request an LEI,” Deutsche Boerse said.
Coinbase came to the fore last week as the company became the first major cryptocurrency exchange to make a direct listing on the Nasdaq. In the run-up to the start of the action, the COIN reference price was set at USD 250, the price increasing to around USD 430 after the shares started trading on 14 April. At the date of publication, the COIN value is USD 314, after decreasing by 2% in the last 24 hours.
Deutsche Boerse’s electronic trading platform has been responsible for listing several products traded on the cryptocurrency exchange or ETPs in recent weeks. Last Wednesday, the London-based ETC Group launched its Litecoin-traded crypto on Xetra, and the platform will begin trading for ETC’s Ether (ETH) commodity traded commodity and 21Shares Ether and Bitcoin Cash ETPs ( BCH).