China-based Huobi Exchange Delists 33 Tokens: Why? 

  • Huobi, the world’s leading exchange, will be removing 33 tokens from their platform.
  • Withdrawals will continue even if the exchange delists the token.
  • The platform is planning to lay off its employees. 

The world’s leading China-based cryptocurrency exchange, Huobi, announced on January 11 via Twitter that they will delist 33 tokens from the exchange. 

Huobi believes in promoting the healthy development of the blockchain ecosystem. Tokens that will delist will delist are INDI, IOI, INV, IRIS, GCOIN, GOF, KMA, MTA, NAS, OPUL, PEARL, PRIMATE, QASH, SMT, SLC, SKU, STC, TALK, VALUE, WHALE, WILD,  ABT, ATP, AST, DIE, DHT, DFA, EDEN, GEAR, HC, and YAM. 

All the tokens, as mentioned earlier, will be excluded from the platform on January 16, 2023, at 08:00 (UTC), as reported by Huobi. The exchange will stop trading and permanently delist all these tokens. 

As per the news source, Huobi took the steps of delisting because most of the tokens violated Section 17, Rule 1 and Section 17, Rule 2 of the Huobi Token Management Rules, which claimed that “Huobi reserves the right, based on the severity of the incident, to hide or cease trading in accordance with the following events: 1) Tokens Labeled with ‘ST’ warning and not canceled within 30 days. 2) Tokens that do not meet the requirement of having $50,000 in daily trading volume.”

Only one of the tokens joined the row of delisting by violating rule 17 of the Huobi Token Management rules, which states that “severe violation of regulations or other high-risk scenarios.” 

According to a report issued by the exchange, Withdrawals will continue even if the exchange delists the token. Huobi requested customers to cancel all orders with the delisted tokens before the last date. If it does not happen, all open orders will be cancelled automatically after delisting, and related digital assets will be credited back to the account. 

Last week CNBC reported that Huobi is planning to cut off 20% of its employees as the company is recovering from the FTX collapse.

Huobi is a centralized crypto exchange founded in 2013 and registered in Seychelles. At the time of writing this article, 627 coins and 891 trading pairs are available on the exchange. The Huobi 24h volume is reported as $406,730,751.01 with a change of 10.11% in the last 24 hours, as reported by Coingecko.