Coinbase, a leading cryptocurrency exchange, has announced plans to suspend trading for Enjin Coin (ENJ) on June 14, 2024, around 2 p.m. ET. This strategic move aligns with Coinbase's ongoing efforts to uphold stringent standards for security, compliance, and performance across its listed assets.

The decision to delist Enjin Coin follows a thorough review process undertaken by Coinbase, underscoring the platform's commitment to maintaining a compliant trading environment. While specific details regarding the reasons for delisting ENJ have not been disclosed, Coinbase's action implies that Enjin Coin may no longer meet the exchange's rigorous listing criteria.

"We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on recent reviews, we will suspend trading for Enjin Coin (ENJ) on June 14, on or around 2 PM ET," stated Coinbase in its announcement.

As part of the delisting process, trading for Enjin Coin will be halted on various Coinbase platforms, including Coinbase Simple and Advanced Trade, Coinbase Exchange, Coinbase Prime, and the native DEX. In preparation for the suspension, Coinbase has transitioned ENJ order books to limit-only mode, allowing users to place and cancel limit orders.

ENJ token holders on Coinbase are advised to take necessary action before the scheduled suspension on June 14, 2024, to manage their holdings effectively. Enjin Coin, an ERC-20 token, facilitates the tokenization of in-game items on the Ethereum blockchain, catering primarily to the gaming industry.

Following the delisting announcement, the price of ENJ experienced a notable decline, registering an approximately 11% decrease. At the time of reporting, ENJ was down by 10.23% over the last 24 hours, trading at $0.3101. Coinbase's decision has had a significant impact on ENJ's trading volumes, with the exchange being the second-largest contributor after Binance. Despite the price drop, ENJ's 24-hour trading volume surged by 308%, indicative of heightened trader activity amid the delisting news.