OKX Delists Six Altcoins Amid Market Turmoil: Details and Impact

OKX to Delist Six Altcoin Projects: A Major Shakeup in the Crypto Market

In a significant move that has sent ripples through the cryptocurrency community, popular exchange OKX has announced a comprehensive delisting of six altcoin projects from its trading platform. The announcement, made on October 30, revealed that nine trading pairs linked to the altcoins Vela Token (VELA), BitKan (KAN), Wall Street Memes (WSM), BoringDAO (BORING), CEEK Smart VR (CEEK), and Avive (AVIVE) will be removed from the platform effective November 7.

Reason Behind the Delisting

OKX emphasized that the decision to delist these altcoins followed a meticulous evaluation process in accordance with the exchange’s established delisting guidelines. The specific trading pairs set to be removed include:

• VELA/USDT
• KAN/USDT
• KAN/USDC
• WSM/USDT
• BORING/USDT
• BORING/USDC
• CEEK/USDT
• AVIVE/USDT
• AVIVE/USDC

These trading pairs will be officially delisted at 11:30 AM on November 7. OKX has urged investors to cancel any open orders associated with these pairs prior to the delisting date. Failure to do so will result in automatic cancellation by the exchange.

Withdrawal Process Extended

In an effort to safeguard investors, OKX has implemented measures to ensure that users are not left at a disadvantage. While the exchange has requested the cancellation of orders for the affected trading pairs, it has also announced that withdrawal transactions for the delisted cryptocurrencies will be permitted until January 8, 2024. This extension allows users to transfer their assets to personal wallets without immediate concern.

Market Impact and Investor Response

The announcement of the delisting has significantly impacted the altcoin market, triggering swift price declines for several projects. Following the news:

• VELA saw a staggering 30% drop in value.
• WSM fell by 26%.
• BORING experienced a dramatic decline of over 50%.
• AVIVE faced an alarming decrease of 70%, plummeting to $0.000703.

These sharp declines instigated a wave of panic among investors, leading to hurried sell-offs and further market volatility.

The Rationale Behind Delistings

Exchanges like OKX typically delist altcoins that display low liquidity or insufficient trading volume. Such actions are taken to protect investors and maintain the exchange’s integrity and overall market health. In its statement, OKX underscored that the delisting process is crucial for safeguarding user interests and enhancing the platform’s reputation.

As a result of this significant delisting decision, investors will need to reassess their strategies. Those holding the affected altcoins must act swiftly to withdraw their assets to personal wallets or seek out alternative trading pairs on different exchanges.

For the latest updates on breaking news, follow us on Twitter, Facebook, and Instagram. Join our Telegram and YouTube channel.