A recently published press release reported that OKEx, a Hong Kong-based cryptocurrency exchange, is supposed to remove 42 cryptocurrencies and 58 trading pairs, by the end of October. OKEx is currently the leading exchange as per trading activity, as it reportedly processes 395 million USD of daily volume.
The Head of Operations Andy Cheung, in a Twitter post, said,
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.
They reiterated that this was not due to a personal reason, but was based entirely on the trading pairs’ “weak liquidity and trade volume.” They clarified that the tokens themselves were being delisted, but only their pairs, as was a standard move, practiced by many cryptocurrencies, in the past. Binance and Bittrex have both removed low activity trading pairs (for, eg. BTG, BCN). Kraken also only recently, removed Iconomi, due to changes in their legal framework.
The entire list of the cryptocurrencies has been provided by the exchange, in their announcement. The most prominent cryptocurrencies to be removed are BRD ($33M), MTL ($22M), ICN ($35M), and SUB ($42M). The delisting will take place at 06:00 CET (Central European Time) on Wednesday, Oct 31, 2018. OKEx will cancel the traders’ orders and credit their assets to their accounts if they do not cancel their orders before the delisting.
In spite of this impending cleansing, OKEx has simultaneously announced their plans to participate in the stablecoin boom, by enlisting Paxos Standard Token (PAX), Circle’s USDCoin (USDC), True USD (TUSD) and the Gemini Dollar (GUSD). This move is probably to provide the clients with choices since tether has been brought under the lens for their alleged lack of transparency.