[Blockchain Today Reporter Jihye Han] German Securities Group (Deutsche Boerse Group) announced that it will delist Coinbase shares on the Xetra digital stock exchange and the Frankfurt Stock Exchange.
According to Reuters, the German Securities Group will remove Coinbase Global from both exchanges due to the omission of references to stocks. The group said those involved in the listing of Coinbase’s stock used the wrong legal entity identifier (LEI) code. This code is a regulatory requirement for all companies participating in financial transactions.
If Coinerbase or the German Securities Group does not take action, the shares will no longer be listed on the Zetra and Frankfurt Stock Exchanges from April 23 (local time). The group added that the action would continue until further notice.
The group said, “The only way Coinbase can resume trading is for the issuer to apply for an LEI.”
Coinbase made headlines last week as it became the first major cryptocurrency exchange to be listed directly on Nasdaq. Amid a brilliant debut, the base price of COIN was set at $250, and after the stock began trading on April 14, it soared to about $430. The current value of COIN is $314, down 2% over the last 24 hours.
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