Deutsche Boerse to de-list Coinbase from Xetra and Frankfurt trade

FILE PHOTO: A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken January 8, 2021. REUTERS/Dado Ruvic

BERLIN (Reuters) - Deutsche Boerse said on Wednesday it would de-list the shares of cryptocurrency exchange Coinbase Global from its Xetra trading system and the Frankfurt stock exchange by end of Friday’s trading session.

“The reason for the de-listing is a missing reference data for these shares,” Deutsche Boerse said, adding 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 immediately respond to an emailed request for comment outside U.S. business hours.

The U.S. cryptocurrency exchange made its Nasdaq debut last week, its direct listing marking a major milestone in the development of bitcoin and other digital assets.

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 cap stood at $63.9 billion.

Reporting by Patricia Uhlig, Tom Wilson; Writing by Kirsti Knolle; Editing by Madeline Chambers