Coinbase Bans Transactions of Rally, DFI.Money, Mirror, OMG Network, Room Network, & Augur

03/30/2023 00:42 • Metaverse & Beyond • 75 views

According to reports, according to the official tweet of Coinbase Asset, Coinbase has officially banned the transactions of Rally (RLY), DFI. Money (YFII), Mirror (MIR), OMG Network (OMG), Room Network (LOOM), and Auger (REP). Coinbase added that users can still use relevant funds and withdraw relevant assets at any time.

Coinbase: Asset transactions such as YFII, OMG, and MIR have been officially prohibited

Coinbase, a well-known cryptocurrency exchange, has officially banned the transactions of Rally (RLY), DFI.Money (YFII), Mirror (MIR), OMG Network (OMG), Room Network (LOOM), and Augur (REP). According to reports, Coinbase has made this decision without giving any prior notice to the users of these cryptocurrencies. However, users can still use relevant funds and withdraw relevant assets at any time.

What Are Rally, DFI.Money, Mirror, OMG Network, Room Network, & Augur?

Before we delve into the details of the ban imposed by Coinbase, let us first understand what these cryptocurrencies are and what they offer.

Rally (RLY)

Rally is a community-driven network that enables creators, influencers, and brands to launch social tokens. Social tokens provide a way for creators to monetize their communities and build a new type of social capital.

DFI.Money (YFII)

DFI.Money is a decentralized finance (DeFi) protocol that provides token swap, yield farming, and lending services. It is built on the Ethereum blockchain and offers users attractive rewards and incentives for using its platform.

Mirror (MIR)

Mirror is a platform that allows users to create and trade synthetic assets that track real-world assets such as stocks, commodities, and currencies. It uses a unique price discovery mechanism to maintain the peg of synthetic assets to their real-world counterparts.

OMG Network (OMG)

OMG Network is a scaling solution that aims to make transactions on the Ethereum blockchain faster and cheaper. It offers high throughput and low fees by using a layer-two scaling solution that processes transactions off-chain.

Room Network (LOOM)

Loom Network is a Layer 2 scaling solution that allows developers to build scalable blockchain applications with flexible architecture. It provides developers with the tools they need to create dApps that can handle high volumes of traffic without any performance issues.

Augur (REP)

Augur is a decentralized prediction market platform that allows users to create and trade prediction markets on almost any topic. It provides accurate, transparent, and decentralized predictions on a range of topics, including finance, sports, politics, and more.

Why Did Coinbase Ban These Cryptocurrencies?

Coinbase has not provided any specific reasons for the ban, but it is likely that it was done to comply with regulatory requirements or to protect its users from potential risks associated with these cryptocurrencies. It is worth noting, however, that Coinbase has not banned all cryptocurrencies that pose similar risks. For instance, it still allows users to trade cryptocurrencies like Tron and EOS, which have come under scrutiny for their potential involvement in scams and frauds.

Conclusion

The ban imposed by Coinbase on Rally, DFI.Money, Mirror, OMG Network, Room Network, and Augur has come as a surprise to many in the cryptocurrency community. While the reasons behind this ban are not entirely clear, it is important for cryptocurrency users to be aware of the potential risks associated with these cryptocurrencies. As always, users should exercise caution and do their research before investing in any cryptocurrency.

FAQs

Q1. What is the impact of Coinbase’s ban on these cryptocurrencies?
Ans: The ban imposed by Coinbase is likely to affect the liquidity and trading volume of these cryptocurrencies on the exchange.
Q2. Can I still withdraw my assets if I have invested in these cryptocurrencies on Coinbase?
Ans: Yes, users can still withdraw relevant assets at any time.
Q3. Are there any alternative exchanges where I can trade these cryptocurrencies?
Ans: Yes, there are several alternative exchanges where users can trade these cryptocurrencies, but it is important to be aware of the risks associated with these exchanges.

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