United Kingdom riddled with crypto scams
Owing to the lack of regulation and restriction in the United Kingdom, fraudulent companies have been flocking to the country.
The Hong-Kong based exchange announced on the 25th of October that at 06.00AM CET, on the 31st of October, they will halt the trading of 42 cryptocurrency pairs. Users have been warned that they should cancel their orders involving these pairs from the platform.
A cryptocurrency trading pair describes the officially granted exchange of one type of cryptocurrency for another. For example, Ethereum (ETH)and Bitcoin (BTC) tokens constitute a trading pair. One can buy ETH with BTC or vice versa. This can provide several advantages over trading with standard fiat currency.
For example, if the value of Bitcoin rose by 10% and the value of Ethereum stayed the same, the Bitcoins buying power has increased. You would be able to purchase more Ethereum for the same amount of Bitcoin. This is opposed to fiat currency, the purchasing power of which, stays the same.
However, not all trading pairs hold a benefit. The cryptocurrency market has been going through a bear trend for almost the whole year. The demand for cryptocurrencies is low and hence it appears that OKEx is having a hard time maintaining some trading pairs which have a particularly low demand.
A trading pair describes the officially granted exchange of one type of cryptocurrency for another. For example, Ethereum (ETH)and Bitcoin (BTC) tokens constitute a trading pair. One can buy ETH with BTC or vice versa. This can provide several advantages over trading with standard fiat currency.
For example, if the value of Bitcoin rose by 10% and the value of Ethereum stayed the same, the Bitcoins buying power has increased. You would be able to purchase more Ethereum for the same amount of Bitcoin. This is opposed to fiat currency, the purchasing power of which, stays the same.
In their announcement, OKEx cites the trading pairs to be delisted as having weak liquidity and trading volume. Andy Cheung, Head of Operations at OKEx, has elaborated further on the reason for this delisting:
Getting listed is not final. Maintaining a good performance is the key to success. @OKEx_ , our utmost responsibility is to ensure a robust ecosystem for our projects to grow and the best trading environment for our users to experience.https://t.co/SpHrlMl1CX
— Andy Cheung OKEx (not giving away OKB) (@AndyC0125) October 26, 2018
This announcement comes after the news that earlier this month, OKEx had added four new stablecoins to be listed on their platform.