The Deutsche Boerse Group has asserted that it is serious about Coinbase’s stock delisting. It will be striking out the stock from the Frankfurt Stock Exchange and its Xetra digital stock exchange.
The issue was the placement of a wrong Legal Entity Identifier
The group gave out its explanation, citing that Coinbase had missed the reference data for its shares. This group opines that someone entrusted with listing the Coinbase shares did a shoddy job. The person ended up inputting the wrong Legal Entity Identifier. The group considers the Legal Entity Identifier necessary for any business that seeks to play a part in financial transactions.
The involved parties must make the with great urgency
It is either Coinbase or Deutsche Boerse that could rescue the situation. If both remain adamant, the stock will eventually be struck out from the Frankfurt Stock Exchange or Xetra. The group might make its move effective Friday, April 23.
The electronic trading platform of Deutsche Boerse has, over the recent weeks, focused on listing several crypto exchange-traded products. A lot has been happening; lately, the other thing being the London-based ETC Group’s recent launch. The group unveiled settled on Xetra for the unveiling of its physical Litecoin exchanged-traded crypto.
Coinbase has also been in the spotlight lately, with headlines showcasing its success in becoming the first major cryptocurrency exchange to find a place in the Nasdaq listing. The coin’s initial rate stood at $250, and it later rose to hit the $430 mark as of April 14. At the time of this piece’s publication, it stood at $314. This valuation was after a 2% witnessed within a 24 hours timeframe.
Deutsche Boerse isn’t leaving anything to chance! It asserts that Coinbase can’t resume its trading activities before applying for LEI.
The expansion of the crypto space continues to intrigue investors worldwide, with the oldest players in the segment showcasing remarkable performance. Bitstamp and Coinbase happen to be some of the oldest players that continue staging remarkable performance within the sector.
Surviving within the competitive crypto segment isn’t easy. Some of the business leaders in the segment have to make changes to the management for progressivity. For example, Bitstamp recently hired a new CFO called Stephen Bearpark.