Coinbase Suspending MTL Trading on June 14th Amidst Network Transition
CryptoNewsTerminal Staff31 May, 2024
Coinbase Suspending MTL Trading on June 14th Amidst Network Transition
Coinbase, the prominent cryptocurrency exchange, has announced its decision to halt trading for Metal (MTL) on June 14th at 2 PM ET. This suspension aligns with Metal's transition from the Ethereum mainnet to its dedicated Layer 2 network, a move that Coinbase does not currently support. Accordingly, Coinbase users holding MTL will have until the specified time to close their positions or withdraw their assets to a supported wallet. Coinbase emphasized that this suspension is solely for trading purposes, and users can still access their MTL funds in their Coinbase accounts. The decision stems from the upcoming Metal airdrop, which will be exclusively available to MTL holders on the new Layer 2 network. Coinbase, however, does not support airdrops, prompting the suspension of MTL trading. Coinbase's announcement serves as a reminder of the dynamic nature of the cryptocurrency landscape, where network transitions and token airdrops can impact trading operations on exchanges.
