Coinbase averted the delisting of its shares from the German stock exchange after submitting legal documents that had originally been neglected in error.
The scheduled delisting of Coinbase shares from the German Deutsche Boerse stock exchange appears to have been averted.
The platform announced on Wednesday that Coinbase would be removed from the Xetra and Frankfurt stock exchanges this week after it was discovered the cryptocurrency exchange had not submitted proper reference data for its shares. The removal date was originally scheduled for Friday at the close of the day’s trading session.
The Legal Entity Identifier, or LEI, code is a prerequisite for firms conducting financial transactions within the country. The stock exchange operator did state that the mix-up came down to an administrative error, amid which Coinbase supplied the wrong reference code by accident.
Deutsche Boerse announced on Thursday that Coinbase had since supplied it with an official LEI code and that the shares would continue to trade on its two platforms unhindered, as per a Reuters report.
Coinbase wasted no time in submitting the appropriate documentation, with the situation having been resolved in less than 24 hours. A Coinbase spokesperson said at the time:
“We’re aware of an administrative error that has made it necessary for Coinbase to resubmit certain documentation to certain European stock exchanges. There have been no interruptions to trading of Coinbase stock at this time. We are working to resolve this as quickly as possible.”
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Author: Greg Thomson