OKX Announces Delisting of GAL Coin and 7 Others in July
- OKX cryptocurrency exchange has announced the delisting of certain perpetual futures contracts and leveraged trading pairs, including GAL coin, between July 11 and July 15.
- This move is part of OKX’s efforts to enhance platform liquidity and improve user experience.
- “Our objective with this delisting process is to focus on pairs with higher demand, delivering a seamless trading experience for our users,” stated an OKX spokesperson.
OKX to Delist Several Perpetual Futures Contracts and Leveraged Trading Pairs in an Effort to Boost Liquidity and User Experience.
Delisting of Perpetual Futures Contracts
OKX has scheduled the removal of several perpetual futures contracts on July 15. The contracts set to be delisted include GALUSDT, CELUSDT, OMGUSDT, SPELLUSDT, and KSMUSD. The exchange cites the objective of concentrating trading activity on more popular pairs to ensure better liquidity and stability in trading markets.
Impact on Leveraged Trading Pairs
In addition to the futures contracts, leveraged trading pairs such as GAL/USDT and CEL/USDT will be phased out on July 11. Investors holding positions in these pairs are advised to close them before the delisting dates to avoid any involuntary liquidation. The affected leveraged pairs also include OMG/USDT, SPELL/USDT, NEO/BTC, and GRT/BTC.
Managing the Delisting Process
OKX has outlined a detailed process for managing these delistings. Users are urged to close their open positions before the specified dates. During the delisting, all pending orders in the impacted pairs will be canceled, and any open positions will be automatically closed. To ensure a fair closure, OKX will utilize hourly index price averages for position valuations.
Temporary Transfer Restrictions
As a precautionary measure, users holding positions exceeding $10,000 in value on delisting pairs by 4:00 PM on July 15 will face a temporary restriction on asset transfers for a 30-minute window following the delisting. This measure aims to secure the safe completion of the delisting process.
Guidelines for Investors
Investors using the OKX platform are encouraged to take the following steps to mitigate the impact of the delisting:
- Review the list of delisted pairs to determine potential impacts on your portfolio.
- Close open positions in the affected pairs before the delisting dates to prevent forced liquidation.
- Stay updated with OKX’s announcements on their official website and social media channels.
Market Reactions and Strategic Implications
This strategic move by OKX is not only aimed at improving liquidity but also at enhancing user satisfaction by potentially offering better pricing and faster trade execution. Removing low-liquidity pairs allows the exchange to focus resources on more actively traded assets.
Conclusion
OKX’s recent delisting announcement signals a significant effort to streamline its trading pairs and ensure a more robust trading environment. Investors are advised to adjust their strategies accordingly, paying close attention to official communications from OKX and preparing for the scheduled delistings. By following the recommended steps, users can navigate these changes smoothly and maintain a high-quality trading experience.
