The cryptocurrency industry has been deeply affected by 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.
The information was released by OKEx in a press released a few days ago. According to OKEx, in order to create a robust trading environment and offer a better trading experience for users, they took the decision to delist several trading pairs. The coins and pairs delisted 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. The number of trading pairs delisted is 58. The trading pairs will be delisted on October 31 at 6:00 CET.
Users that have open orders in these affected trading pairs should 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 explains that only the specified trading pairs will be delisted but not the tokens themselves. Satisfactory trading pairs will be traded normally.
The exchange explained how they decide to delist and hide projects:
“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 cooperating in this case.”
Andy Cheung, Head of Operations at OKEx, said that the intention is to keep the order in the exchange. Furthermore, he wrote a tweet in which he says that they are in charge and responsible for promoting a robust cryptocurrency ecosystem.
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. https://t.co/5TRivz0ycd
— Andy Cheung OKEx (not giving away OKB) (@AndyC0125) October 27, 2018
OKEx is currently the second most important virtual currency exchange in terms of trading volume. In the last 24 hours, the platform registered a trading volume of $404.27 million dollars. The most important trading pairs at the exchange are BTC/USDT, LTC/BTC and EOS/USDT accounting for more than 33% of the total trading volume on the platform.
The exchange is currently listing 516 trading pairs according to CoinMarketCap.