Crypto trading platform OKCoin announced on Wednesday that it will suspend trading for five coins BAT, DCR, XLM, ADA, and ZEC. The company stated that this suspension is part of their marketplace curation process, and the move was planned in advance.
As part of our marketplace curation process, we'll be suspending trading for the following assets on February 6: BAT, DCR, XLM, ADA, and ZEC. You can find more details here: https://t.co/eN2rb12HJB
Questions? Our DMs are open!
— OKCoin (@OKCoin) February 5, 2020
In an official post on their website, the company said,
“We curate our asset marketplace by suspending trading for low-volume tokens. A trading suspension will only impact the ability to trade, and not your ability to deposit, store, and withdraw these specific assets. By suspending these low-volume assets, our exchange liquidity will be pointed more consistently at the assets that you care about, resulting in even more active and deeper markets.”
The best crypto exchange in Singapore OKCoin further added that the suspension was just one side of the process, and the other side was listing best practices that help evaluate new assets. The company, however, hasn’t posted the actual trading volumes of the suspended projects in the post. Out of all the tokens in question, the most surprising one seems to be Stellar (XLM), which is considered to be one of the foremost cryptocurrencies in terms of usability, much like Ripple and SWIFT. Find more details about OKCoin by visiting here.
The crypto industry saw a big slump in 2018, and the last year was stagnant, to say the least. The apex crypto Bitcoin witnessed huge drops, and therefore, the entire market went through a dreadful slowdown. However, utility tokens like Ripple and Stellar, and privacy tokens like BAT and ZEC, experienced a steady period, as the industry itself kept on expanding.
Nonetheless, the volumes of late have been low, and the move seems to be in the better interest of the users. OKCoin, as a whole, is quite a robust platform, and therefore, taking a big move like this must have gone through several think tanks before getting finalized.