Huobi Delisted 33 Cryptocurrencies

Crypto exchange Huobi delisted 33 cryptocurrencies due to trading risk and low volume.

The Reason Huobi Delisted Tokens

As crypto exchange Huobi continues to lose market share, which has recently fallen below 4%, it was announced on Wednesday, January 11, that a total of 33 tokens will be delisted due to trading risks and low volumes on the platform. The trading ban for these tokens will take effect on January 16, after which they will be permanently delisted. According to Huobi, most of the tokens violate Chapter 17, Rule 1, and Chapter 17, Rule 2 of the Huobi Token Management Rules.

According to the statement, the rules violated include the following:

“Huоbi has the right to hide or stop trading based on the following events, depending on the severity of the incident: 1) Tokens are tagged with an ‘ST’ warning and not canceled within 30 days. 2) Tokens have not reached the $ 50,000 limit in daily trading volume.”

The list of tokens to be removed from Huоbi includes the following cryptocurrencies: ABT, ATP, APN, AST, DIE, DHT, DFA, EDEN, GEAR, HC, INDI, IOI, INV, IRIS, GCOIN, GOF, KMA, MTA, NAS, OPUL, PEARL, PRIMAT, QASH, SMT, SLC, SKU, SOC, STC, TALK, VALUE, WHALE, WILD, and YAM.

The crypto exchange Huobi has decided to delist tokens only in four significant cases:

1. If the project team fails to update quarterly reports on time or fails to update semi-annual reports twice in a row.
2. The tokens did not have an average trading volume of $50,000 or more for 15 consecutive days.
3. If it becomes necessary to mark “ST” for investigation, regular review, special investigation, or on-site inspection.
4. In case of other violations of the Huоbi Regulations

Huobi Loses Market Share

Huоbi is one of the largest cryptocurrency exchanges in the world, but it has been steadily losing market share since 2020. From over 22% market share in 2020, Huobi’s market share dropped to 4% in 2022. According to Kaiko, Huоbi, owned by Justin Sun, continues to be the exchange with the biggest losses in the crypto bear market. On the other hand, Huobi’s stablecoin USDD continued to trade below the dollar peg. This posed an additional challenge for the crypto exchange.

The TRON DAO Reserve issues stablecoins on the Tron blockchain and are responsible for keeping their value stable against the USD. However, it must be said that Huobi’s financial stability is losing confidence after users withdrew over $100 million last week. Therefore, to restore confidence in the exchange, Justin Sun was forced to transfer $100 million USDT and USDC from Binance to Huobi.

Source

https://www.coinspeaker.com/

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