The Deutsche Boerse Group has said it will delist Coinbase from its digital Xetra exchange and on the Frankfurt Stock Exchange.
According to Reuters, Deutsche Boerse said it would drop Coinbase Global from the two exchanges due to “missing reference data” for the stocks. The group said someone involved in listing the Coinbase stock had used an incorrect Legal Entity Identifier or LEI code. The code is a legal requirement for all companies participating in financial transactions.
Unless Coinbase or Deutsche Boerse takes action, the stock will no longer be listed on Xetra or the Frankfurt Stock Exchange as of the close of trading on Friday, April 23. The group added that the measures would continue until further notice.
“The only way Coinbase can resume trading is to request an LEI from the issuer,” said Deutsche Boerse.
Coinbase made headlines last week when the company became the first major cryptocurrency exchange to list directly on Nasdaq. Leading up to the stock’s debut, COIN’s reference price was set at $ 250, with the price increasing to about $ 430 after the stock traded on April 14. At the time of publication, COIN’s value is $ 314, down 2% in the last 24 hours.
Deutsche Boerse’s electronic trading platform has been responsible for listing various crypto exchange-traded products, or ETPs, in recent weeks. Last Wednesday, London-based ETC Group launched its physical Litecoin exchange-traded crypto on Xetra, after the platform began trading for ETC’s Ether (ETH) exchange-traded commodity product and 21Shares’ Ether and Bitcoin Cash (BCH) ETPs.