OKX to Delist Six Altcoins Including Celsius Network (CEL) Amid Market Turbulence

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Cryptocurrency exchange OKX announces the delisting of six altcoins from its trading platform.
The affected altcoins include Celsius Network (CEL), OMG Network (OMG), Abracadabra (SPELL), apM Coin (APM), Love Hate Inu (LHINU), and Polkastarter (POLS).
This decision follows a routine review process, adhering to OKX’s delisting guidelines.

Stay updated with the latest developments in the crypto world as OKX delists six altcoins from its trading platform. Understand the implications for investors and market trends.

OKX Announces Delisting of Six Altcoins

On July 17, OKX, a well-known global cryptocurrency exchange, announced the impending delisting of six trading pairs associated with altcoins CEL, OMG, SPELL, APM, LHINU, and POLS. This action will take effect on July 23, 11:30 AM UTC. The specific trading pairs set to be removed include CEL/USDT, CEL/USDC, OMG/USDT, SPELL/USDT, SPELL/USDC, APM/USDT, LHINU/USDT, and POLS/USDT.

Reason Behind the Delisting

OKX stated that the delisting results from their regular evaluations and adherence to their stringent delisting criteria. The exchange aims to ensure the integrity and reliability of their trading platform by conducting thorough reviews and acting accordingly. Prior to the removal, OKX has requested investors to cancel any open orders involving these trading pairs, failing which, the exchange will automatically cancel the orders.

Impact on Altcoin Prices

Following the announcement, there was an immediate negative reaction in the market. CEL plummeted by 29% to $0.3692, OMG dropped by 13% to $0.29, and LHINU experienced a significant 32% decline to $0.00000587. These declines indicate a strong market reaction to the announcement.

Investor Advisory

OKX has also suspended deposits for the affected cryptocurrencies but assured investors that withdrawal services will be available until October 23, 2024. This allows investors ample time to manage their assets and transition smoothly.

Conclusion

The delisting of these altcoins by OKX underscores the dynamic nature of the cryptocurrency market and the importance of continuous compliance and review. Investors should stay informed and vigilant, understanding the implications of such decisions on their portfolios and market positions.