Coinbase to Pause Order-Book Trading for ANKR, AXS, CGLD and LRC Pairs Next Week
Coinbase announced it will suspend order-book trading for select ANKR, AXS, CGLD and LRC pairs starting 12:00 PM ET on December 15, 2025 (00:00 UTC Dec 16). Affected pairs: ANKR-GBP, AXS-EUR, AXS-USDT, CGLD-EUR, CGLD-GBP, LRC-USDT and LRC-BTC. The change is intended to improve overall market health and consolidate liquidity. Eligible Coinbase Advanced users can still trade the tokens on USD order books. Coinbase has already switched the listed pairs to limit-order-only mode; market orders cannot be submitted for those pairs. The notice emphasized improving liquidity and market conditions but gave no timetable for restoring full order-book trading. This operational adjustment may affect liquidity and spreads for the specified pairs and could redirect trading volume to USD order books or other venues.
Neutral
The announcement is an operational change focused on liquidity management rather than a security incident or delisting, so its market impact is limited and specific to the affected trading pairs. Short-term effects could include wider spreads and reduced liquidity on the listed non-USD pairs as order-book trading is paused and market orders are disabled; traders may migrate volume to USD pairs, other exchanges, or use limit orders, causing temporary volatility in those pairs. For Coinbase Advanced users able to trade on USD order books, the impact is mitigated. Historically, similar exchange actions (pair delistings, order-book suspensions or consolidation) produce localized, short-lived price dislocations for the affected pairs but do not generally shift broader market direction. Longer-term effects depend on whether the consolidation improves depth and reduces fragmentation; if successful, it could slightly improve execution quality for those tokens on Coinbase, which would be neutral-to-mildly positive. Overall, expect short-term disruption for the specific pairs, with limited systemic market effect.