Trade.io Successfully De-Lists from OKEx Following $1 Million Demand

Crypto Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term OKEx has approved Trade.io’s application to de-list its TIO token from the platform. According to an announcement from OKEx, both the TIO/ETH and TIO/USDT trading pairs were removed from the platform as of 12:00 on August 24, 2018 (HKT). The announcement of the approval was originally published on August 21.

“Once the token is delisted, our system will cancel all pending orders of the TIO trading pairs, and your funds will be returned in full amount to your trading account,” the announcement reads. “However, you are strongly advised to cancel all orders of TIO trading pairs before the delisting for the better management of your funds.”

Trade.io posted a similar notice advising users to transfer their TIO tokens to their “secure smart [wallets] within the trade.io exchange.”

OKEx will be delisting TIO/ETH & TIO/USDT 12:00 Hong Kong time 24/08/18. Please feel free to transfer your TIO directly to your secure smart wallet within the https://t.co/khRotqa8a7 exchange #delisting #tradeio pic.twitter.com/tptzPjBZT0

— trade.io (@TradeToken) August 22, 2018

According to Trade.io's website, plans to de-list from HitBTC, Gate.io, TIDEX, IDEX are also underway.

OKEx Demanded that Trade.io Pay Up or Be “Hidden”

In an official announcement on its Telegram channel, Trade.io explained that it had applied for delisting because of demands that OKEx placed on Trade.io. “OKEx reached out to trade.io management and said they would re-activate deposit function of TIO, if trade.io would purchase the equivalent of USD1M in their token. We obviously declined to do so,” the announcement read.

After Trade.io declined to pay OKEx, “we were advised TIO would still be listed, but would be ‘Hidden’ on the Chart Page, with TIO deposit remaining suspended.”

“Following a post we noticed in their social media regarding some sort of delisting, we contacted them last week which they advised that TIO/BTC would indeed be delisted on 12:00 Aug 17, 2018, and TIO/ETH & TIO/USDT would remain ‘hidden’ on Charts,” the announcement concluded. “Happy to answer any questions you may have, and apologize for any inconvenience OKEx has caused you.”

“Sounds like typical shady centralized exchange bullshit,” one reddit user wrote.

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OKEx Has Been the Subject of Scrutiny

In recent months, some voices within the crypto community have voiced concerns that OKEx is using Market Makers Market Makers Market makers or called dealing desk brokers represent a type of broker that internalize flows and are taking the opposite side of a transaction submitted by their clients. The market making broker is only quoting a feed of prices to its clients. These feeds may or may not be the exact same as the prices quoted on the interbank market.Any order a client enters is processed internally and never goes out to the market, except in rare cases where a market making brokerage identifies a client as a v Market makers or called dealing desk brokers represent a type of broker that internalize flows and are taking the opposite side of a transaction submitted by their clients. The market making broker is only quoting a feed of prices to its clients. These feeds may or may not be the exact same as the prices quoted on the interbank market.Any order a client enters is processed internally and never goes out to the market, except in rare cases where a market making brokerage identifies a client as a v Read this Term or trading bots to falsify volume on its exchange.

In a May post entitled “Chasing fake volume: a crypto-plague,” self-described trader and investor Sylvain Ribes alleged that up to 93% of OKEx’ volume was “nonexistent.”

OKex [left] fakes its volume in a “laughingly obvious and artificial way,” he wrote. “Compare this perfectly neat and absurdly consistent sinusoidal volume with what happens on an actual exchange [on the right.]”