Altcoin Purge Begins: Okex Delists 28 Token Pairs

As part of what some observers are calling a purge of alternative coins during the cryptocurrency bear market, Hong Kong-based exchange Okex announced they would be delisting and hiding certain token pairs, more than two dozen in total. It comes at time when the exchange is dealing with its own internal problems in a year, so far, of hectic change and challenges. 

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Altcoin Purges Beginning as Okex Delists 28 Pairs

“To maintain a healthy trading environment and pleasant trading experience on OKEX,” the exchange posted on its blog, “our auditing team has carried out comprehensive monitoring on the market and projects. We discovered that some projects have met the token delisting/hiding thresholds stated in the OKEX Token Delisting / Hiding Guideline.”

Okex was careful to note tokens will be delisted “12:00 Aug 17, 2018,” asking exchange users “cancel your pending orders before delisting, or they will be canceled with your assets returned to your spot account by the system automatically after delisting.”

Delisted pairs include “Against USDT: LA, READ, SNM Against ETH: UTK, WRC, QVT, SAN, UBTC, DNT, OAX Against BTC: UBTC, BCX, BT2, WBTC, UKG, LA, SAN, ATL, REQ, BRD, SNM, VEE, TIO, REF, UTK, WRC, QVT, DNT”.

A Hectic Year for the Exchange So Far

The Hong Kong-based exchange has been around since 2014, focusing on cryptocurrency at a global scale. It’s claim to fame is providing a myriad of futures and trading pairs. It is also, of late, a very controversial figure in the space. Routinely cited as a major exchange by volume, at least one report concluded much of that volume is faked or ‘ghost.’ Undeterred, Okex is expanding to Malta under a memorandum of understanding, and the company has rolled out its own version of an ETF. Even more recently still, Okex again courted controversy with its ‘socialized clawback’ position. It punishes innocent users, impacting them with others’ bad investment decisions through a 17 percent ‘tax’ by the exchange in a complicated turn of events.

Along with delisting pairs, it is also hiding tokens, by which it means “hidden tokens will not be displayed on our token trading list and charts, they can still be found to trade by entering its ticker in the search field.” They include “UBTC, EVX, WFEE, RCT, MDA, CTR, CAG, BT2, BRD, UKG, LA, QVT, WBTC, ATL, AVT, SNGLS, REF, ICN, UTK, MTL, SUB, OAX, STC, MAG, RCN, DNT, SAN, YOYO, REQ, BCX, MTH, RDN, DAT, ZCO, VEE, NGC, MOT, GSC, TIO, AST, FUN, READ, VIU, LEND, WRC, SNM”.Lastly, Okex noted, “In order to protect the interests of our users as well as the industry, we will strictly monitor all listed projects and implement the delisting / hiding mechanism for substandard projects.”

What do you think of Okex delisting and hiding altcoins? Share your thoughts in the comments section below.

Images via Pixabay.

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