German stock exchanges will delist Coinbase shares, citing ‘missing reference data’

The Deutsche Boerse Group has said it will delist the Coinbase stock list on its Xetra digital stock exchange as well as the Frankfurt stock exchange.

According to Reuters, Deutsche Boerse said it would remove Coinbase Global from the two wallets, due to ‘missing reference data’ for the shares. The group said that someone involved in the listing of the Coinbase shares was using an incorrect Legal Entity Identifier, or LEI. The code is a regulatory requirement for any businesses that engage in financial transactions.

Unless Coinbase or Deutsche Boerse take action, the share will no longer be listed on Xetra or the Frankfurt Stock Exchange. It begins at the end of trading on Friday, April 23rd. The group added that the measures would continue until further notice.

“The only way Coinbase can resume trading is for the issuer to apply for a LEI,” Deutsche Boerse said.

Coinbase made headlines last week when the company became the first major cryptocurrency exchange to make a direct listing on Nasdaq. In the run-up to the stock’s debut, COIN’s reference price was set at $ 250, with the price rising to around $ 430 after the shares began trading on April 14. At the time of publication, COIN’s value is $ 314, after falling by 2% over the past 24 hours.

Deutsche Boerse’s electronic trading platform has been responsible for the listing of several crypto-traded products, or ETPs, in recent weeks. Last Wednesday, the London ETC Group launched its physical Litecoin exchange-traded crypto on Xetra, after the platform began trading for ETC’s exchange-traded commodity product Ether (ETH) and 21Shares’ Ether and Bitcoin Cash (BCH) ETPs.