Hong Kong-based cryptocurrency exchange OKEx has decided to delist 42 trading pairs on October 31 at 06:00 (Central European TIme) for their incapability to maintain the listing standard and requirements as per the OKEx Token Delisting/Hiding Guideline. The exchange confirmed this move in an official statement released on October 26.
The exchange clarified that only the trading pairs with weak liquidity and trading volume, and not the tokens themselves, will be delisted. Satisfactory trading pairs as per the exchange’s norms will be allowed to trade normally.
The exchange, therefore, called on its registered users to cancel their orders of the affected pairs from its platform. If users failed to do so in, the order would be canceled by the system and the users’ assets would be credited to OKEx’s trading account.
OKEx however, added, “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.”
Andy Cheung, Head of Operations at OKEx, said, “Getting listed is not final. Maintaining good performance is the key to success.”
Cheung added: “We have to admit that there are projects and projects in the blockchain space, and some are underperforming against our expectations. That’s why we had to take some action to deal with this problem.”
Some of the affected tokens include naga, maggie, prochain, ipchain, maggie and travel, which are all either paired with BTC, ETH or USDT. Realchain, commerceblock, encrypgen, viuly, monetha, aventus, change, and others will also be delisted.
OKEx indicated that the delisting of read token was voluntary. “Read token team has applied for delisting and we have accepted the application. In a separate online statement, OKEx said,
“We will delist all READ trading pairs from OKEx at 06:00 Oct 31, 2018 (CET). READ holders are required to withdraw their tokens to other platforms or their own wallets by 06:00 Nov 16, 2018 (CET). OKEx will not support the withdrawal of READ after that date.”
In addition, OKEx will also be hiding tokens. This means that the tokens will not be displayed in a token trading list or charts. They can still be traded by entering the token ticker in a search field.
OKEx is a digital asset exchange, providing advanced financial services to global traders by using blockchain technology. OKEx provides hundreds of tokens and futures trading pairs to help traders optimize their strategy. Currently, the exchange offers over 400 token and futures trading pairs including index trackers.
The OKEx exchange is expanding to Malta and it has even released its own version of ETF.
Some of OKEx’s key features include:
Fiat Trading: A trusted platform with an intuitive user interface allowing professionals to trade tokens with fiat currency conveniently.
Token/Margin Trading: Allows trading over a hundred types of tokens including Bitcoin, Ethereum and Litecoin with leverage options.
Futures Trading: Helps stabilize income earned through futures trading, arbitrage and hedge risks conveniently.
Index Tracker: A portfolio of tokens in one transaction. Helps achieve long term returns through low volatility index.
OK Blockchain Capital: Fully-integrated services for blockchain entrepreneurial teams and projects.
Compatibility: Fully compatible with iOS, Android, Mac, and Windows.
As per market data, OKEx is the world’s second largest digital currency platform by daily trade volume, with $470 million worth of coins traded in the last 24 hours, second only to Binance. OKEx’s BTC futures trade has reached nearly $1.5B of volume daily and is widely recognized as the ‘gold standard’ for the industry.
The delisting of several trading pairs with weak liquidity and trading volume, OKEx believes, will create a robust trading environment and offer the best trading experience to its users.