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The cryptocurrency exchange Coinbase, located in the United States, is eliminating numerous trading pairs to enhance liquidity on its platform.
Coinbase has halted 80 non-USD trading pairs, which include pairs with cryptocurrencies such as Bitcoin (BTC), stablecoins like Tether (USDT), and fiat currencies including the euro.
In a statement released on Oct. 16, Coinbase indicated that the removal of these trading pairs is intended to bolster “overall market health and consolidate liquidity.” The pairs were taken off the Coinbase exchange and other platforms, including Advanced Trade and Coinbase Prime, at 19:30 UTC on Oct. 16.
80 non-USD trading pairs that were removed from Coinbase on Oct. 16. Source: Coinbase Status
The recent removal of trading pairs on Coinbase aligns with the exchange’s strategy to suspend markets, which was announced in early October. Coinbase highlighted that users on the affected platforms can continue to trade in its “more liquid USD order books” by utilizing the exchange’s USDC (USDC) balances.
“Please be aware that these markets constitute an insignificant portion of Coinbase Exchange’s total trading volume,” the exchange remarked.
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@CoinbaseExch routinely assesses the markets on our exchange. To enhance overall market health and consolidate liquidity, we will be discontinuing several non-USD trading pairs for specific supported assets.
— Coinbase Exchange ️ (@CoinbaseExch) October 2, 2023
Coinbase has been suspending trading pairs on its platforms to enhance liquidity for some time. The exchange previously removed another 41 non-USD markets in mid-September, citing similar reasons. While Coinbase eliminated several trading pairs involving USDT, none of the suspended markets included USDC, a stablecoin co-created by Coinbase and Circle.
Related: Securities regulators oppose special treatment of crypto in Coinbase case
Coinbase’s ongoing initiatives to enhance liquidity occur against the backdrop of declining trading volumes this year. As reported by the cryptocurrency market data provider CCData, Coinbase’s spot trading volumes for the third quarter decreased by 52% compared to the previous year.
Other prominent cryptocurrency exchanges, such as Binance, have also experienced a decline in their spot market share this year. According to CCData, Binance’s spot market share fell for the seventh consecutive month in September 2023, dropping from 55% in early 2023 to 34% in September 2023.
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