Hong Kong-based cryptocurrency exchange Okex will delist 42 trading pairs on Oct. 31 for failing to meet its listing requirements. Tokens such as iconomi, read and prochain, all paired with BTC, have been cited as having “weak liquidity and trading volume.” Okex said the move will create “a robust trading environment.”
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Okex Is Cleaning Out Its Closet
“Getting listed is not final. Maintaining good performance is the key to success,” Andy Cheung, head of operations at Okex, said in an email to news.Bitcoin.com on Friday, Oct. 26. “Housekeeping is necessary. Our utmost responsibility is to ensure a robust ecosystem for our projects to grow and the best trading environment for our users to experience.”
Cheung stated: “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.”
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, according to data from Coinmarketcap. Currently, the exchange offers over 400 token and futures trading pairs including index trackers.
Crypto Bear Market Fuels Tokens Purge
The rout in global cryptocurrency markets this year has left hundreds of altcoins on the brink of collapse. Many are down by 90% or more from their all-time high, making them almost worthless in some cases. The latest purge comes barely a few months after 28 pairs were also delisted from Okex when they reached “delisting thresholds.”
“Users should cancel their orders of the affected pairs from our platform. If your order is not canceled in time, the order will be canceled by the system and your asset will be credited to your trading account,” Okex cautioned, in a separate online statement.
However, “only the trading pairs with weak liquidity and trading volume, but not the tokens themselves, will be delisted. We will strictly monitor all listed projects and implement the delisting/hiding mechanism for substandard projects when necessary,” added the exchange.
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,” it said. “Once the token is delisted, our system will cancel all pending orders.”
What do you think about the token purge at Okex? Let us know in the comments section below.
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