OKX cryptocurrency exchange announced that it will remove certain perpetual futures contracts and leveraged trading pairs involving cryptos such as GAL coin from its platform on July 11 and 15, according to its official statement. This delisting is part of OKX’s efforts to increase the platform’s liquidity and improve user experience. Here are the details…
Delist concern about GAL coin and those cryptos
Some perpetual futures contracts and leveraged transactions are listed on the OKX platform on July 11 and 15. The perpetual futures contracts that will be delisted on July 15 are as follows:
- GALUSDT
- CELUSDT
- OMGUSDT
- SPELLUSDT
- KSMUSD
On the other hand, the leveraged trading pairs that will be delisted on July 11 are as follows:
- GAL/USDT
- CEL/USDT
- OMG/USDT
- SPELL/USDT
- NEO/BTC
- GRT/BTC
How does the delist process work?
OKX warns users to close open positions in trading pairs that will be delisted. During the delisting process, orders in those trading pairs will be canceled and open positions will be automatically closed. OKX will use the hourly index price average in valuing positions to ensure that the delisting process goes smoothly for users.
If you have a position of more than 10,000 USD in any of the perpetual futures contracts mentioned above as of 16:00 on July 15, you will not be able to transfer assets for the first 30 minutes after delisting. This restriction is a temporary measure to ensure the safe completion of transactions.
What should you pay attention to in order not to be affected by Delist?
It is recommended that investors using the OKX platform pay attention to the following points in order not to be affected by delisting transactions:
- Examine the trading pairs to be delisted: Check if there are any that you used among the trading pairs to be delisted on the dates specified above.
- Close your open positions: You can prevent your assets from being sold automatically by closing your open positions before the delisting date.
- Follow platform announcements: OKX platform will continue to share up-to-date information about delisting transactions through its official website and social media accounts. OKX states that it carried out the delisting process to increase the liquidity of the platform and improve the user experience. Liquidity is expected to increase as trading pairs with low trading volumes are removed from the platform. This can provide better prices and faster transaction completion for investors.
This move by OKX can also be considered as part of its effort to keep up with the increasing competition in the cryptocurrency market. Improving user experience and increasing transaction volume is becoming an important factor in the competition between cryptocurrency exchanges. The announcement that certain perpetual futures contracts and leveraged trading pairs will be delisted on the OKX platform on July 11 and 15 is a development that investors should pay attention to. Indulge yourself by reviewing the trading pairs to be listed and closing your open positions.
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