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Why Deutsche Boerse Resumes Coinbase Shares Trading After Announcing Delisting

April 22, 2021 5:35 pm
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Why Deutsche Boerse Resumes Coinbase Shares Trading After Announcing Delisting

German stock exchange Deutsche Boerse said shares of Coinbase Global Inc (NASDAQ:COIN) will remain listed on the exchange after resolving an issue regarding wrongfully inserted reference data.

What Happened: On Wednesday, the exchange announced it would de-list Coinbase from its Xetra trading system as well as the Frankfurt stock exchange due to incorrect data provided by Coinbase.

According to a report from Reuters, Coinbase provided the “wrong LEI reference code” when it began trading on Deutsche Boerse’s platforms.

"The reason for the de-listing is a missing reference data for these shares,” said Deutsche Boerse, adding, "The only way for Coinbase to resume trading is for the issuer to apply for an LEI.”

See also: How to Buy Coinbase IPO (COIN) Stock

Why It Matters: A spokesperson for Coinbase declared the issue an “administrative error” on Coinbase’s part while stating that they would be quickly working towards resubmitting the necessary documents.

"There have been no interruptions to trading of Coinbase stock at this time. We are working to resolve this as quickly as possible," said the spokesperson.

Clearstream, a subsidiary of Deutsche Boerse, declared that it would no longer settle trades of Coinbase shares on the Frankfurt stock exchange from April 23 for regulatory reasons unless an LEI is provided.

See alsoWhy Coinbase Has This Analyst Bullish On The Long-Term Upside

However, that is now an unlikely scenario, as a recent report confirmed that Coinbase had provided the necessary LEI code, and trading on the European exchanges is likely to continue uninterrupted.

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