Popular cryptocurrency exchange OKX, in a decision that will surprise its users, has decided to delist an altcoin that is currently traded on the exchange. In its official statement today, OKX announced that it will delist two trading pairs of the DFI.money (YFII) altcoin. With this decision, YFII/USDC and YFII/USDT trading pairs will be removed from the platform at 11.30 on February 29.
OKX officials stated in their statement that they took the delist decision in question as a result of regular reviews and that they acted based on the delist guide. They also emphasized that the orders in the trading pairs in question must be canceled by the delist date, and if not canceled, the orders will be automatically removed by the exchange.
Informing its investors to manage this process, OKX stated that it has suspended deposits from the altcoin in question and withdrawals will continue until April 29, 2024. In this process, it was emphasized that users should withdraw their YFII assets in their accounts and process their balances and transfer them to another wallet by the specified date.
However, with the announcement of this decision, the price of the relevant altcoin experienced a collapse. The YFII price dropped by approximately 23% from $912 to $699 after the announcement. This sudden decline shows that there is a serious selling pressure in the market and investors are trying to quickly price the effects of the decision.
This radical decision of OKX once again brings to the fore a situation that is frequently encountered in the cryptocurrency market and worries investors: The authority of exchanges to delist certain assets and the effects of such decisions on the market. While such events may cause fluctuations and speculation in the cryptocurrency market in general, they also remind investors that they should be careful and follow stock exchange policies closely.
