Bitbank Delists Enjin Coin Amid Prolonged Price Divergence Issues
Japanese cryptocurrency exchange Bitbank has announced that it will discontinue trading of Enjin Coin (ENJ) on October 16. The decision comes after prolonged price divergence between ENJ on Ethereum, which Bitbank handles, and ENJ on the Enjin Relay Chain.
The issue is that there is no official bridge to connect the two chains, making cross-chain movement difficult. As a result, ENJ on Ethereum handled by Bitbank has suffered from thin liquidity, creating a structural vulnerability to price gaps relative to ENJ traded on other exchanges.
Bitbank had already flagged the absence of a bridge as a key concern last year when the price of ENJ on its platform diverged by roughly 20% compared with other exchanges. The delisting represents a decision made after the situation persisted for more than a year.