Deutsche Boerse said on Wednesday it would de-list the shares of cryptocurrency exchange Coinbase Global (COIN.O) from its Xetra trading system and the Frankfurt stock exchange by the end of Friday’s trading session.
“The reason for the de-listing is a missing reference data for these shares,” Deutsche Boerse said, adding that the de-listing would apply until further notice.
When Coinbase trading started at Deutsche Boerse’s platforms, a wrong reference code – a so-called LEI code – was used by mistake, Deutsche Boerse said. It was not clear whose mistake it was.
Such an individual reference code is needed for identification and a regulatory requirement for admission to trading. “The only way for Coinbase to resume trading is for the issuer to apply for an LEI,” Deutsche Boerse said.
Coinbase did not respond to an emailed request for comment.
Deutsche Boerse subsidiary Clearstream, a major European player in the clearing and settlement of trades, said it would no longer settle trades in Coinbase shares on the Frankfurt stock exchange from April 23 for regulatory reasons, unless an LEI is provided.
The listing of the San Francisco-based firm is by far the biggest yet of a cryptocurrency company, with its market capitalisation briefly topping $100 billion on its first day of trading. As of Tuesday, its market capitalisation stood at $63.9 billion.