OKEx, a Hong Kong cryptocurrency exchange, will remove 58 trading pairs (not tokens themselves) on October 31. The reasons for such a move by the exchange indicate weak liquidity of the assets to be removed and a small amount of trade in them.
OKEx Operations Manager Andy Chun called these measures as “house cleaning”. Every day, transactions for $395 million are processed on the OKEx platform – the exchange is leading in the sector by intraday trading volume.
A full list of cryptocurrency pairs scheduled for delisting can be found in the official press release of the site, but the largest include BRD (capitalization $33 million), MTL ($22 million), ICN ($35 million) and SUB ($42 million).
Delisting will take place on Wednesday, 06:00 Oct 31, 2018 (Central European TIme). Traders are advised to cancel orders. Otherwise, the exchange cancels the orders on its own and returns the assets to users’ wallets.
OKEx claims that the tokens themselves are not delisted: “only trading pairs with weak liquidity and a small amount of trade” are deleted. A similar step was made in the past by other cryptocurrency exchanges, Binance and Bittrex, which removed trading pairs with low activity. Kraken recently announced the removal of Iconomi (ICN). These steps indicate that as the bear market evolves in the future, we will see other examples of delisting.
At the same time, OKEx did not stay away from the boom of the stablecoins, including the Paxos Standard (PAX), USD Coin (USDC), True USD (TUSD) and Gemini Dollar (GUSD) tokens in the listing. Thus, the exchange offers traders an alternative to Tether (USDT), the transparency of which has recently been doubted by many.