OKEx, a prominent crypto-exchange, dismisses over 50 trading pairs for poor performance.
The cryptocurrency industry has incurred losses due to the current bear market. One of the largest cryptocurrency exchanges in the crypto space has decided to delist 50 different trading pairs since they were not performing as expected.
Citing low volume and minimal trading are the key reasons for exchanges delisting coins. Exchanges simply cannot afford to keep low performing coins on their platforms and have decided to show them the exit, rather than to keep them listed.
OKEx lets go of 50 trading pairs
According to OKEx, in order to create a robust trading environment and offer a better trading experience for users, they decided to delist several trading pairs. The delisted pairs and coins did not have enough liquidity and trading volume as per the OKEx Token Delisting / Hiding Guideline.
Some of the trading pairs delisted are READ/BTC, IPC/ETH, IPC/BTC, RCN/ETH, CBT/USDT, CBT/ETH, SDA/BTC, FAIR/BC, and XUC/BTC among others.58 pairs in total have been delisted. The trading pairs will be delisted on October 31.
Users having open orders in these affected trading pairs are advised to cancel them. However, those that are not able to cancel the order in time will receive the funds and assets on their trading accounts. The exchange also stated that only some specific trading pairs will be delisted, not the tokens themselves. Satisfactory trading pairs are expected to function normally.
The statement released:
“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 co-operating in this case”.
Andy Cheung, the Head of Operations at OKEx, said that the main motive is to maintain order in the exchange. Also, he took to Twitter to mention that the exchange is in charge and responsible for promoting a robust cryptocurrency system.
OKEx, currently stands at the number two position in terms of trading volume. According to reports, in the last 24 hours, the platform registered a trading volume of $404.27 million dollars. The most valuable trading pairs at the exchange are BTC/USDT, LTC/BTC and EOS/USDT accounting to more than 33% of the total trading volume on the platform.
According to CoinMarketCap, the exchange is currently listing 516 trading pairs.
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What are your views about the exchanges delisting coins? Do you think it is a good move? Do let us know in the comments section.
