Coinbase, a leading cryptocurrency exchange, has announced the delisting of five digital assets: Galxe (GAL), Parsiq (PRQ), Mines of Dalarnia (DAR), Litentry (LIT), and Orion Protocol (ORN).
The cryptocurrency platform said it reviews listed coins on its platform regularly to make sure they still comply with its standards.
Coinbase cites listing standards review
Following its latest evaluation, Coinbase concluded that these five digital assets are no longer eligible for trading. The exchange added that users holding any of these cryptos can withdraw them at any time, as access to any of them won't be shut off.
Coinbase didn't specify its exact reasons for delisting these cryptocurrencies. However, analysts suggest that exchanges consider a combination of factors like project sustainability, trading volume, or regulatory compliance before making such a decision.
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With this delisting, it will no longer be possible to buy or sell any of the above assets on Coinbase. However, anyone still interested in owning either or all of these tokens can transfer them to other exchanges where they are still listed.
Holders can also keep these assets in their Coinbase wallet in case there are new developments in the future. Earlier this month, Coinbase announced that it would disable trading for these assets.
Coinbase accelerates delistings
From the period of that announcement, Coinbase would have put the trading of these assets in "limit-only" mode. This means that there were only specific order types (like setting a buy or sell price) available for them, but other trading options would not be possible.
The Coinbase announcement is a reminder to remain updated on exchange policies, as listings or delistings can affect crypto holding strategies.
Coinbase has been in the news within the past twenty-four hours following a data breach incident. As U.Today reported, the company's CEO turned the hacker's request for $20 million into a $20 million reward for anyone who offered help in finding those behind the incident.
The removal of GAL, PRQ, DAR, LIT, and ORN isn't the first delisting the cryptocurrency exchange has made after the incident. It also announced on Thursday that it has disabled trading for Movement (MOVE).
