Coinbase will discontinue its trader-friendly Pro services platform by the end of the year and will be replaced by Advanced Trade which is already a feature in the main Coinbase app so let’s read more today in our latest Coinbase news.
Coinbase announced it plans to discontinue the advanced trader-focused Coinbase Pro service by the end of the year. The Pro services whcih exist for Coinbase.com and offered lower fees to traders that interacted with the Coinbase Exchange order book. It will get replaced by Advanced Trade which is a service that offers comparable features but will live in the main Coinbase app and site. While Coinbase.com is more user-friendly and accessible for retail users than Coinbase Pro it will charge fiat transaction fees on top of trades as well as percentage commission fees or spreads. Most power users executed trades on the technical Coinbase Pro and then transfer the funds back to their accounts for zero fees.
Coinbase, $COIN, will be getting rid of Coinbase Pro later this year to migrate all advanced trading into one unified Coinbase account.
— unusual_whales (@unusual_whales) June 22, 2022
Coinbase cited duplicated features and the friction when transferring balances back and forth between Coinbase Pro and Coinbase.com as the main reason for sunsetting the latter. Coinbase Pro users posted on Twitter this afternoon to trash the decision to discontinue the platform and many cited the lower fees that it offered. However, the company committed to honoring the Coinbase Pro fee structure in the new Advanced Trade section of the platform and the ADvanced trade is live for desktop users with Coinbase plans to roll out the mobile version of the feature inside the Coinbase app in the upcoming weeks.
The news came as crypto exchanges raced to retain the users and mitigate the damage of the brutal bear market. Coinbase rival Binance.US on the other hand announced that it is eliminating the trading fees on the BTC trades made with the US-backed stablecoins. After the announcement that coinbase will discontinue its service, the stock fell by 10% to $51.80 so since January, the stock of America’s most popular exchange shed about 80% of its value.
As recently reported, Coinbase faces a class-action lawsuit as the plaintiffs claimed the trading platform was negligent in the listing of the TerraUSD Stablecoin and failed to disclose the financial relationship with tErraform Labs. This is the second class-action lawsuit against Coinbase while the first oen was filed last month with the connection of the GYEN stablecoin.
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