Popular cryptocurrency exchange OKX has decided to carry out a radical cleanup on its trading platform. It has announced that it will delist six different altcoin projects. In an official statement on Wednesday, October 30, OKX announced that it will remove nine trading pairs belonging to the altcoins Vela Token (VELA), BitKan (KAN), Wall Street Memes (WSM), BoringDAO (BORING), CEEK Smart VR (CEEK), and Avive (AVIVE) from the platform on November 7.
OKX is delisting altcoin projects
OKX emphasized that they had to make the delisting decision after regular evaluation processes and that this process was carried out in accordance with the exchange’s delisting guide. The trading pairs to be delisted include VELA/USDT, KAN/USDT, KAN/USDC, WSM/USDT, BORING/USDT, BORING/USDC, CEEK/USDT, AVIVE/USDT, and AVIVE/USDC. These trading pairs will be removed from the OKX exchange as of 11:30 on November 7th.
In a statement made by OKX, it was stated that investors should cancel their orders in these trading pairs before the delisting process. It was also stated that if the orders are not canceled by the specified date, the exchange will automatically remove them. Following this warning, many users started to review their transactions on the assets affected by the delisting decision.
Withdrawal transactions will continue until the beginning of 2025
Following the delisting decision, the OKX exchange has taken various measures to prevent investors from being victimized. While the exchange requested that orders be canceled for the trading pairs in question before November 7th, it announced that the withdrawal transactions of the relevant cryptocurrencies will continue until January 8th, 2024. In this way, users will be able to withdraw the altcoins that will be delisted to their wallets until January 8th.
OKX’s delisting decision caused serious movement in the altcoin market. Especially the prices of altcoins such as Vela Token, Wall Street Memes, BoringDAO and Avive crashed immediately after the announcement. VELA lost 30 percent of its value. WSM fell 26 percent. BORING, on the other hand, retreated with a decrease of over 50 percent. AVIVE, on the other hand, experienced a high decrease of 70 percent and fell to $ 0.000703. These sharp price drops created panic among investors and brought about rapid selling movements.
Exchanges tend to delist altcoins with low liquidity or insufficient trading volume. Such moves aim to protect investors while also helping to maintain the reputation and liquidity of the exchanges. OKX also emphasized in its statement that the delisting process is of vital importance for the exchange and that such decisions are made in order to protect the interests of the users. This decision taken by OKX forced investors to make a new plan. Owners of the altcoins to be delisted will have to withdraw their assets from the exchange and transfer them to their wallets or turn to pairs traded on another exchange.
To stay up-to-date with the breaking news, follow us on Twitter, Facebook, and Instagram. Join our Telegram and YouTube channel
