The leading cryptocurrency exchange has announced the removal of over 50 trading pairs by the end of October.
OKEx to Delist Several Trading Pairs
One of the leading cryptocurrency exchanges in the world, Hong Kong-based OKEx, has announced its intention to remove several trading pairs on its platform. The announcement was published earlier on Thursday on the official website of the company.
Elaborating on the reasons for the action, the announcement said:
To create a robust trading environment and offer the best trading experience to our users, we will delist several TRADING PAIRS with weak liquidity and trading volume according to the OKEx Token Delisting / Hiding Guideline.
The announcement further provided the list of impacted tokens with their ticker and the trading pair to be delisted.
OKEx is currently among the top four exchanges in the world in terms of reported trading volume with around 516 trading pairs available currently on the platform.
More Details and Instructions
According to the announcement, the delisting shall be executed at 06:00 Oct 31, 2018 (Central European Time). Users have been advised to cancel the open orders of the affected pairs from the exchange.
It said:
If your order is not cancelled in time, the order will be cancelled by the system, and your asset will be credited to your trading account.
The post clarified that only trading pairs with weak liquidity and trading volume are being delisted and not any specific tokens. Trading pairs of some of these tokens with satisfactory parameters can still be traded usually.
Action to Protect Interest of the Customers
The release stated:
We will strictly monitor all listed projects and implement the delisting/hiding mechanism for substandard projects when necessary. Protecting the interest of our users is always the essence of our service. We appreciate your understanding, support, and cooperation in this case.
Cautioning its users, the statement concluded:
Please be reminded that trading digital assets involves significant risk and make sure you fully understand the mechanism and risk involved. You should always consider your investment ability and risk tolerance before entering the market.
Earlier this month, OKEx had announced the addition of four stable coins – TUSD, GUSD, USDC, and PAX, to its markets. In August, the exchange had rolled out stricter KYC norms that would prevent unverified users from withdrawing funds.
The cryptocurrency market has had a quiet year so far and over the last few weeks prices of top digital assets have consolidated over a narrowing range. Most exchanges including OKEx are taking steps to ensure that the users’ interests are protected.
What are your thoughts on the delisting action by OKEx? Do you think they should do more due diligence before adding tokens to their platform? Let us know in the comments below.
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