The Huobi exchange has made an announcement in regard to the delisting of several tokens from its platform.
The exchange has cited low trading volumes for these tokens while announcing the delisting of these tokens.
It was on January 11, when the officials at the Huobi exchange made an announcement about delisting the tokens.
The exchange announced that they will be delisting a total of 33 tokens from their platform. The reason behind delisting these tokens is the low trading volume they have been tracking for these tokens.
It is a long list of tokens that the platform is delisting. Some of the major tokens include YAM, WILD, WHALE, VALUE, TALK, STC, SOC, SKU, SLC, SMT, QASH, PRIMATE, PEARL, and many more.
The official announcement confirms that all of these tokens will be delisted from the exchange starting January 16.
These tokens will cease to trade on a particular date and they will be permanently deleted from the exchange.
The officials have hinted that if the adoption/demand of the tokens rises in the future, they may reconsider enlisting the particular tokens. For now, they have decided to delist the tokens permanently.
Another Reason for Delisting
The officials at the Huobi exchange have shared yet another reason for the delisting of these tokens from their platform.
These tokens were found to violate several sections of the Token Management Rules of the Huobi exchange. These sections were Section 17, Rule 2, and Section 17, Rule 1.
As the exchange has found these tokens to be violating the particular rules, they have decided to work on their delisting as quickly as possible.
The exchange officials confirmed that none of the 33 tokens were able to meet the daily trading volume requirement of $50,000. Therefore, they had to make the decision quickly and take action right away.
As per the exchange officials, as the exchange has found the operators of these tokens to be violating the rules, they have made the final decision of delisting them.
The exchange has pointed out that Rule 17 refers to highly risky and unregulated scenarios that involve cryptocurrency assets.
Situation of Huobi
The Huobi exchange has been one of the most controversial yet long-term running exchanges with international status.
The exchange is used to being a hot topic when it comes to getting shut down or getting taken over by a new owner.
Despite all the rumors and reports, the exchange has continued operating and it wants to increase its influence. It is ranked among the largest exchanges but still, it ranks as the 17th exchange in terms of the trading volume.
The exchange wants to flush out any assets that may not live up to its standards and may dampen its overall trading volume goals.