Impacted OKX Trading Pairs
In a bid to maintain high standards and ensure a user-friendly trading atmosphere, OKX has announced plans to remove several trading pairs from its platform. The impacted pairs involve notable projects, including AVAX-ETH, BAT-BTC, and HEGIC-USDT.
Traders holding positions in these pairs are advised to cancel their orders prior to the delisting dates to prevent automatic cancellations by the system, which may take anywhere between one to three business days to finalize. OKX has scheduled the delisting process to take place from September 21 to 25.
Immediate Effects of the Delisting
Adding to the regulatory measure, OKX has already suspended deposits for HEGIC and MDA as of 8:00 a.m. UTC, September 12, 2023. After their delisting, these assets will be classified under a new category named “Untradable Assets”.
The crypto exchange underlines its dedication to presenting a high-quality trading venue, pledging to periodically assess the viability and compliance of all trading pairs according to user reviews and guidelines set out in its internal Token Delisting/Hiding Guideline.
A New Chapter in OKX’s Regulatory Journey
This strategic move comes as OKX prepares to file a VASP (Virtual Asset Service Provider) license application to legally operate in Hong Kong, a step that could potentially attract nearly 200,000 retail users within the forthcoming year.
Industry-Wide Regulatory Endeavors
OKX isn’t the only exchange tightening its regulatory compliance. Last month, Binance Futures expressed its plans to delist perpetual contracts for Cardano and Polygon. Binance has also executed additional regulatory measures, including removing PEPE as a borrowable asset from its flexible loan service and flagging several privacy coins for future delisting.
Coinbase, too, has joined the bandwagon in adhering to regulatory advisories, recently augmenting the interest rate on its USDC offering following guidance from the US Securities and Exchange Commission (SEC) concerning stablecoins.
As the cryptocurrency landscape evolves, exchanges are navigating through the challenges by adhering to stringent regulatory norms. By delisting non-compliant trading pairs, OKX is reinforcing its commitment to provide a secure and user-centric trading platform. As users, staying informed and adapting to these changes is essential in navigating the ever-changing crypto space.