OKEx Delists 58 Underperforming Crypto Pairs for Liquidity

Published on 29 October 2018 by Cryptovest Staff

Chinese cryptocurrency exchange OKex has decided to delist 58 crypto pairs with “weak liquidity and trading volume”.

Hong Kong-based cryptocurrency exchange OKex has announced the imminent delisting of 58 trading pairs, which have failed to meet the platform’s performance standards.

“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,” OKex said in a statement on Thursday.

The exchange went on to provide the full list of underperforming crypto pairs. It further clarified that only the indicated trading pairs will be removed from the platform and not the associated 42 individual tokens.

“Please note that only the TRADING PAIRS with weak liquidity and trading volume, but NOT THE TOKENS themselves, will be delisted. Other satisfactory trading pairs can still be traded normally,” OKex’s announcement read.

The move will take effect by October 31, the statement added. Users are advised to cancel their orders of the affected pairs before the deadline. If orders are not canceled in time, the system will cancel them and the digital assets will be credited to the users’ trading accounts.

Announcing the company’s decision, OKex’s head of operations, Andy Cheung, said in a Twitter post on Friday that “getting listed is not final” and “maintaining a good performance is the key to success”. Further commenting on the move, Cheung tweeted on Saturday that “housekeeping is necessary”.

“As leaders, we are responsible for promoting a robust ecosystem. Listing projects loosely or having 795 trading pairs is simply putting trader interests at risks,” Cheung wrote. “We need to take action on those underperforming tokens now.”

https://twitter.com/AndyC0125/status/1056095421892767745

Earlier this month, OKEx added four stablecoins to its roster: Gemini Dollar (GUSD), USD Coin (USDC), Paxos Standard Token (PAX), and TrueUSD (TUSD). Singapore-based peer Huobi followed suit just a few days later, launching support for the same package of tokens.

Meanwhile, a couple of prominent crypto exchanges have recently moved to delist underperforming tokens. Two weeks ago, industry leader Binance decided to remove four virtual coins from its offering. In addition, Poloniex, one of the longest-running US cryptocurrency exchanges, last month ceased support for eight coins, following the July’s delisting of another nine digital assets.