In a significant move within the cryptocurrency trading landscape, the popular exchange OKX has announced a comprehensive delisting of several altcoin projects. On Wednesday, October 30, the exchange revealed its decision to remove nine trading pairs associated with six different altcoins: Vela Token (VELA), BitKan (KAN), Wall Street Memes (WSM), BoringDAO (BORING), CEEK Smart VR (CEEK), and Avive (AVIVE). This delisting is scheduled to take effect on November 7.
Details of the Delisting
According to the official statement from OKX, the decision to delist these altcoins was made after a thorough evaluation process, adhering to the exchange’s established delisting guidelines. The trading pairs that will be removed include:
These pairs will officially be removed from the OKX platform starting at 11:30 AM on November 7. Investors are advised to cancel any open orders related to these pairs prior to the delisting date. If orders are not canceled, the exchange will automatically nullify them, prompting many users to review their transactions in light of this announcement.
Withdrawal Options Extended
In an effort to support affected investors, OKX has implemented measures to ensure that users are not left at a disadvantage. While the exchange has urged users to cancel orders for the impacted trading pairs by November 7, it has also confirmed that withdrawal transactions for the relevant cryptocurrencies will remain available until January 8, 2024. This allows users to withdraw their altcoins to personal wallets until that date.
The announcement of the delisting has led to significant volatility in the altcoin market. Notably, the prices of several altcoins—including Vela Token, Wall Street Memes, BoringDAO, and Avive—plummeted shortly after the news. Specifically, VELA saw a 30% decline, WSM dropped by 26%, while BORING experienced a staggering loss of over 50%. AVIVE was hit hardest, plummeting approximately 70% to a price of $0.000703. Such drastic price movements have sparked panic among investors, resulting in rapid selling activity.
Exchanges typically choose to delist altcoins that exhibit low liquidity or insufficient trading volumes. This strategy is designed to safeguard investors while maintaining the exchange’s reputation and operational liquidity. OKX emphasized the critical nature of the delisting process in its statement, asserting that these decisions are made to protect user interests. As a result, investors holding the delisted altcoins must now formulate new strategies, whether that involves transferring their assets to personal wallets or trading on alternative platforms.
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