The cryptocurrency exchange OKEx is set to significantly reduce the number of cryptocurrency trading pairs, according to a recent announcement. This change will take effect on October 31 at 6:00 AM CET.
The Hong Kong-based cryptocurrency exchange OKEx labels itself as the ”leading global Bitcoin exchange” and will now delist 58 trading pairs due to ”weak liquidity and trading volume.”
Furthermore, these more than 50 trading pairs are linked to a total of 42 digital assets. Nevertheless, OKEx stressed that ”only the trading pairs with weak liquidity and trading volume, but not the tokens themselves, will be delisted.”
This is not the first time in recent weeks that a major cryptocurrency exchange goes on to delist assets. Two weeks ago, Toshi Times covered Binance’s announcement that it would delist four cryptocurrencies.
Moreover, OKEx also delisted four stablecoins from its platform less than two weeks ago.
Regarding this most recent delisting, however, OKEx has said that users should move to retract orders of the affected trading pairs from the exchange. If not canceled in time by the user, the platform’s system will cancel the orders.
This decision reportedly comes as a part of a wider and ”housekeeping” effort by OKEx, according to a tweet from the Hong Kong-based exchange’s Head of Operations, Andy Cheung.
According to Cheung, going through and delisting some underperforming tokens was necessary as ”listing projects loosely or having 795 trading pairs is simply putting trader interests at risks.”
Cheung stated that ”as leaders, [OKEx] are responsible for promoting a robust ecosystem.”
”Getting listed is not final. Maintaining a good performance is the key to success,” Cheung also tweeted.
The delisting announcement on OKEx’s site went on to stress that the exchange will ”strictly monitor all listed projects and implement the delisting / hiding mechanism for substandard projects when necessary.”
Furthermore, the announcement also states that its primary interest is ”protecting the interests of [its] users.” The full list of the delisted assets in available on OKEx’s Help Center page.
At the time of writing, OKEx has had an adjusted trading volume of more than $401 million during the past 24 hours, meaning that it is indeed the world’s largest cryptocurrency exchange according to volume.
As always, the full effects of these upcoming delistings remains to be seen. Nonetheless, dropping support for unpopular trading pairs that have too low liquidity and trading volume to function properly is merely an extension of existing weak market sentiment for the relevant trading pairs.
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Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.