Coinbase News: Coinbase to Suspend 12 Perpetual Futures Markets on May 21

Key Insights:

• Coinbase news: The leading crypto exchange confirms 12 futures suspensions on May 21
• Coinbase linked the futures suspensions to liquidity standards and market quality reviews
• The crypto exchange plans 700 job cuts while restructuring operations and reducing management layers

According to the latest Coinbase news, the leading crypto exchange has confirmed plans to suspend trading for 12 perpetual futures contracts on May 21 at about 13:00 UTC.

The exchange reported that the open positions remaining at the time of suspension will be automatically settled. Coinbase also stated that settlement prices will be based on the average index price recorded over the final 60 minutes before trading stops.

The suspended contracts include KAITO-PERP, SENT-PERP, SAHARA-PERP, CAKE-PERP, TOSHI-PERP, AKT-PERP, VET-PERP, ANIME-PERP, THETA-PERP, ZK-PERP, KERNEL-PERP, and BARD-PERP.

According to Coinbase, these products are linear perpetual futures settled in USDC and do not carry expiry dates.

The company added that funding rates for the last funding period prior to settlement will be set to zero. Coinbase also reserved the right to halt trading earlier if necessary and said it may adjust the final settlement price to maintain what it described as a reasonable level.

Coinbase News: Crypto Exchange Tightens Derivatives Markets

The crypto exchange said that traders still holding positions after the suspension deadline will be moved to automatic settlement. As a result, based on Coinbase news, users have until May 21 to close or reduce exposure in the affected markets.

The exchange linked the suspensions to its overall review of derivatives market quality. Coinbase said it continues focusing on products that meet liquidity and market-quality standards while seeking deeper liquidity and stronger price integrity across its derivatives offerings.

The affected contracts cover several crypto sectors. These include artificial intelligence-linked tokens, decentralized finance assets, gaming-related projects, infrastructure protocols, and older layer-1 blockchain networks.

The suspension announcement arrives during a period of continued competition in crypto derivatives trading. Recent industry reports stated that Kalshi has explored crypto-perpetual futures products in response to new regulatory conditions in the United States.

The same reports identified Binance, Hyperliquid, Coinbase, and Kraken among major firms competing within the sector.

Coinbase has also adjusted several spot trading products in recent weeks. Earlier reports stated that the company planned to disable DAI trading on Coinbase.com and its mobile application starting May 4.

The crypto exchange also suspended TIME trading and disabled TRU trading ahead of migration-related changes.

Coinbase Restructuring Adds to Market Focus

Additional Coinbase news also disclosed that the company is restructuring its workforce and management structure. The crypto exchange said it plans to reduce headcount by about 14%, affecting around 700 employees in the coming weeks.

According to a regulatory filing, the company said the move aims to manage operating expenses under current market conditions while optimizing operations for what it described as the AI era.

Chief Executive Officer (CEO) Brian Armstrong also said that the crypto exchange plans to remove pure managers from the organization and reduce management layers across the company.

Armstrong stated that some managers will oversee as many as 15 direct reports under the revised structure. Coinbase reported that about 4,300 employees will remain after the restructuring process concludes.

The company estimated restructuring expenses between $50 million and $60 million. In addition, the exchange reported that most of those costs relate to employee severance and termination-related charges.

The firm expects to record nearly all restructuring expenses during its second-quarter earnings period.

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