Recently, Okex, which describes itself as the leading global bitcoin exchange has removed up to 42 trading pairs this past Wednesday (October 31st) 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.”
According to data provided by Coinmarketcap, Okex is considered as the second largest digital currency platform by daily trade volume. With over $470 million worth of coins traded in the last 24 hours, the only exchange with better stats is Binance. At the moment, the exchange provides over 400 token and futures pairs including index trackers.
The current head of operations at Okex, Andy Cheung wrote in an email, stating “Getting listed is not final. Maintaining good performance is the key to success.” Mr. Cheung went on to add, “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 also noted, “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.”
So far this year, the cryptocurrency market has been embarrassing, with more than hundreds of altcoins close to shutting down. Most of them have dropped by up to 90 percent from their all-time high. 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 noted some words of advice. Nonetheless, the exchange also added that “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.”
Finally, just to mention a few for the tokens being delisted are naga, prochain, ipchain, maggie and travel, which are all either paired with BTC, ETH or USDT. Realchain, commerceblock, encrypgen, viuly, monetha, aventus, change, etc.
The exchange concludes by noting “Read token team has applied for delisting and we have accepted the application. Once the token is delisted, our system will cancel all pending orders.”