Leading cryptocurrency exchange Huobi has recently added a ‘delisting risk warning’ to 32 cryptocurrencies trading on its platform over the low trading volume these have had in the past 15 days.
According to a post the exchange can add the warning under the “ST” tag for various reasons, including a project failing to submit a weekly report, or failing to get a trading volume above $50,000 for 15 days.
These warnings can lead to the delisting of the tokens, if the teams behind the projects fail to submit weekly reports for a total of eight weeks, if they intentionally hide major events that can affect the token’s price, or if the volume stays below the equivalent of $50,000 for 30 days.
Representatives of the Government of Thailand as well as #Cash2Coin, one of Thailand's first regulated cryptocurrency exchanges, met with Huobi Founder and CEO Leon Li recently. Leon and our guests had a discussion on cryptocurrency, regulation, and a variety of other topics. pic.twitter.com/LAyYEaQc8R
— Huobi Global (@HuobiGlobal) December 18, 2018
Other reasons for Huobi to delist cryptocurrencies from its platform include the project’s team being involved in illegal or criminal activities, or being suspected of “maliciously manipulating the market.” Per Finance Magnates, these 32 cryptocurrencies were hit with the ST warning because of a low trading volume.
Huobi is now reportedly going to re-examine the cryptocurrencies’ situation on December 26, and determine whether they are going to keep on trading on the platform or not. Huobi is notably one of the largest cryptocurrency exchanges there are, as it regularly handles $1 billion in trading volume per day.
It was once one of China’s largest crypto exchanges but given the country’s crackdown it had to shut down and move to Singapore, where it focused on developing its operations and kept on expanding. Currently its one of the largest crypto exchanges, behind Binance and OKEx.
This year, as CryptoGlobe covered, Huobi has been expanding. The exchange has extended its outreach to countries all over the world, including the UK, Australia, Canada, Japan, and Brazil – an office in which it recently fired 60% of its staff. The exchange is also set to open offices in Russia.
Huobi has also recently launched a decentralized platform, Huobi Cloud, that lets others build crypto exchanges using its existing platform, and a cryptocurrency contract trading platform that gives users advances tools to work with.