‘Getting listed is not final. Maintaining a good performance is the key to success’, Tweeted Andy Cheung, as OKEx cryptocurrency exchange announced that they are going to delist over 40 cryptocurrency trading pairs from their platform.
With a market capitalization of $393,798,760, OKEx is currently the leading name when it comes to cryptocurrency exchanges ranked by volume of trade. In a statement via a support page on their website this week, OKEx announced that they intend to delist over 40 trading pairs from the 31st of October. These pairs are being delisted from the platform due to weak performance, the company said.
The exchange has emphasised on the fact that only certain trading pairs which are not performing as well as they intended are being delisted - and not the actual cryptocurrencies. The company said in a statement:
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.
Among some of these pairs are READ/BTC, NGC/ETH, PRA/BTC, TRA/BTC, VEE/USDT, RCN/ETH, REF/USDT, BRD/USDT, CHAT/ETH, EVX/BTC, UCT/BTC, FAIR/BTC, STC/ETH, among others. The complete list of delisted pairs can be seen over at the OKEx support page, where the company has posted a detailed list of all cryptocurrency pairs which are being delisted. All of these pairs are /BTC, /ETH and /USDT pairs.
While all other cryptocurrency pairs are being listed, READ token has reached out to OKEx and has asked to delist them from their platform. The company has accepted their application and will soon cancel all pending orders.
Considering that cryptocurrency markets have been going through a major bearish trend almost all through the year, the demand for cryptocurrencies is low and hence it appears that OKEx is having a hard time maintaining some trading pairs which have a particularly low demand. The exchange has stated that the delisted pairs have a weak liquidity and a low trading volume.
As per this announcement, OKEx will no longer feature the listed pairs on their platform starting 06:00 hours on 31st of October, 2018 (Central European Time). Andy Cheung, the Head of Operations at OKEx commented on this delisting in a series of Tweets, saying:
Getting listed is not final. Maintaining a good performance is the key to success. @OKEx_ , our utmost responsibility is to ensure a robust ecosystem for our projects to grow and the best trading environment for our users to experience.
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. Housekeeping is necessary. We need to take action on those underperforming tokens now.
The exchange has specified the date and the time of delisting and has asked users to cancel any orders if they are placed beyond that date. However, if the users fail to cancel their orders manually, the system would automatically cancel these orders and transfer the credit back to their respective cryptocurrency accounts.