Huobi, one of the leading global Bitcoin and altcoin exchanges, made a delist announcement. It took action to promote the healthier development of the blockchain ecosystem. It recently announced the delisting of four altcoins namely CVNT (Content Value Network), TNB (Time New Bank), SOS (Opendao), and KCASH (KCASH). It is planned that the tokens will be released from the stock market on August 4, 2023 at 11:00 CEST. Here are the details…
Delist decision came from Huobi for some altcoin projects
The move to delist these tokens was motivated by the fact that they were unable to meet the exchange’s trading volume requirements. Huobi reported that these altcoins have seen an average trading volume of less than $50,000 in the past 30 days, which led to their removal from the platform. When the announcement of the delisting reached the market, the affected tokens experienced a sharp drop in price. According to the data, CVNT experienced a significant drop of 47 percent. Therefore, it fell to $0.1. TNB also fell 23 percent and its value reached $0.000207. SOS dropped a small 1.7 percent, dropping its value to $0.0000000505. On the other hand, KCASH fell 2.85% to $0.000986.
As part of the delisting process, Huobi clarified the actions users need to take. Deposits for CVNT, TNB, SOS, and KCASH will be disabled once delisted, while the withdrawal service will remain available for a certain period of time. The exchange asked users to cancel all open orders for these tokens within the relevant time frame. If users fail to do so, the remaining open orders will be automatically canceled after being delisted. Relevant crypto assets will be deposited into spot accounts.
What is behind Huobi’s delist decision?
Huobi users are also advised to uncheck the “Hide small balances” option in their Spot account if they encounter any problems with their CVNT, TNB, SOS and KCASH balances. Huobi’s decision to delist these tokens is critical. Because it is seen as a sign of the stock market’s effort to create a solid trading environment. By enforcing strict trading volume requirements, Huobi aims to ensure that the listed tokens have sufficient market activity to facilitate fair and efficient trading.
As the delisting date approaches, users with CVNT, TNB, SOS and KCASH are advised to take appropriate measures to manage their positions and reduce potential losses. The market reaction to this development is being watched closely by investors and industry experts who are wondering how these tokens will perform after being removed from Huobi’s platform. In conclusion, Huobi’s move to delist CVNT, TNB, SOS and KCASH marks a step towards improving the overall integrity of the Blockchain ecosystem.
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