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OKX decided to phase out FITFI/USDT, GARI/USDT, XPR/USDT, AKITA/USDT, TAMA/USDT, and WNCG/USDT.
Cryptocurrency exchange OKX has released a statement informing users of its plans to delist a few trading pairs. According to the trading platform, this step is necessary to create a healthy digital asset environment in the blockchain industry. It will also help optimize the liquidity of trading pairs and provide users with a good trading experience.
OKX Advises Users to Take Action
The OKX risk control team conducted a comprehensive review based on the exchange’s Rules on Hiding TOKENs and Offline Trading Pairs. Upon its conclusion, they decided to phase out FITFI/USDT, GARI/USDT, XPR/USDT, AKITA/USDT, TAMA/USDT, and WNCG/USDT. This decision will be executed on August 30, 2024, from 4:00 to 4:30 p.m. (UTC+8).
Therefore, users who have pending orders for any of the aforementioned currency pairs are advised to cancel them before the scheduled date. Orders that do not get canceled in time will be automatically executed within 1 to 3 days. On the other hand, withdrawal for digital currencies is still open until November 30, three months after the delisting process is executed.
To avoid losses, holders of the cryptocurrencies are advised to move their assets on or before November 23. In preparation for the delisting process, OKX already suspended deposits of FITFI, GARI, XPR, AKITA, TAMA, and WNCG since August 22. The exchange has no plans to reopen them despite the delisting move.
Noteworthy, the decision to delist these trading pairs is also based on feedback and complaints from the trading platform’s users. These trading pairs have violated the OKX offline rules or may have high risks.
The latest development comes exactly one month after OKX announced its decision to delist several Bitcoin (BTC), Ethereum (ETH), and XRP trading pairs. Per the revelation at the time, the delisting process was executive in batches and lasted for about 7-days.
The delisted pairs in no particular order include LTC-ETH, MATIC-BTC, ADA-ETH, FIL-ETH, LINK-ETH, OKB-ETH, ATOM-ETH, XCH-BTC, MKR-BTC, NEO-BTC, OKT-ETH, ADA-BTC, FIL-BTC, NEAR-BTC, LINK-BTC, DOT-BTC, UNI-BTC, ETC-BTC, AVAX-BTC, CRV-BTC, TRX-BTC, CHZ-BTC, AAVE-BTC, XLM-BTC, and CRO-BTC.
Binance Joins OKX on Delisting Trend
Similarly, Binance, the leading cryptocurrency exchange, delisted six trading pairs less than a week ago. The tokens affected by this decision included PowerPool (CVP), Ellipsis (EPX), ForTube (FOR), Loom Network (LOOM), Reef (REEF), and VGX Token (VGX). Deposits for these cryptocurrencies will be disabled by August 27, and withdrawals will cease on November 26.
Generally, these delisting actions are core routine review and management practices for these trading platforms. Binance consistently conducts such exercises, especially when cryptocurrencies periodically fail to meet industry standards and requirements.
“When a coin or token no longer meets these standards or the industry landscape changes, we conduct a more in-depth review and potentially delist it. Our priority is to ensure the best services and protections for our users while continuing to adapt to evolving market dynamics,” Binance explained.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
