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Friday, January 27, 2023

Huobi Braces For Upcoming Risk

Huobi, one of the world’s largest cryptocurrency exchanges by daily volume, has delisted 33 token projects citing low trading volume and liquidity. The exchange announced on Jan. 11 its decision to delist 33 cryptocurrencies, including BLOCKv (VEE), Chronobank (TIME) and iExec RLC (RLC).

On Jan. 11, Huobi announced its decision to delist 33 cryptocurrencies from its platform as it is “committed to protecting user interest and safeguarding their fund security.”

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The exchange said that these tokens have been selected based on their low trading volume and liquidity, which could potentially lead users to experience increased risks or unexpected losses when trying to sell these assets on Huobi Pro.

Huobi Scraps Off 33 Tokens

The list includes tokens in the following categories: BitTorrent (BTT), Bitcoin (BTC), Ethereum Classic (ETC), Litecoin (LTC) and Monero (XMR). Last week Cointelegraph reported that Chinese regulators had asked WeChat to block all crypto-related public accounts, including those of centralized crypto exchanges like Binance and OKEx.

The exchange announced on Jan. 11 about its decision to delist 33 cryptocurrencies, including BLOCKv (VEE), Chronobank (TIME) and iExec RLC (RLC).

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The announcement was made via an official announcement on its website, which stated:

“Huobi Pro has decided to delist the following digital assets according to the rules of ‘Huobi Pro Delisting Digital Asset Listing Framework*.”

The company listed out all the reasons for their decision, starting with low trading volumes. Huobi announced that “the daily average trading volume is less than 15% of the previous 30 days’ average volume through 1 day before listing date.” The exchange also highlighted that “the total market value is less than USD$100 million,” adding that these cryptocurrencies have “not been traded for more than 24 months.”

The tokens were delisted because they have low trading volume and liquidity, or are not compliant with Huobi’s listing rules.

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