In a significant move impacting its trading ecosystem, OKX has announced the delisting of several key products for the LUNA, ANC, and MIR cryptocurrencies. This decision, which took effect on May 13, 2022, involved the removal of margin trading, savings products, and perpetual swap contracts for these specific digital assets. The exchange provided a detailed timeline and specific instructions for users to manage their positions and ensure a smooth transition during this process.
This article provides a comprehensive overview of the delisting event, explaining what it meant for traders and what steps were necessary to comply with the new changes.
Detailed Timeline of the Delisting Process
The delisting was not an instantaneous event but a carefully structured process with multiple phases to allow users adequate time to adjust their strategies.
Margin Trading Services
The winding down of margin trading services occurred in three distinct stages:
- Borrowing Halt: The ability to borrow LUNA, ANC, and MIR was disabled at 04:00 am UTC on the specified date.
- Trading Suspension: All margin trading services for the LUNA/USDT, ANC/USDT, and MIR/USDT pairs were suspended at 12:00 pm UTC. At this time, all existing market orders for these pairs were automatically canceled by the system.
- Forced Repayment: For any users who still had open borrows under these trading pairs, a forced repayment was triggered by the system at 14:00 pm UTC. This automatic action was taken to ensure all borrowed funds were settled.
Perpetual Swap Trading
The delisting of perpetual swap contracts was a critical part of the announcement, given the leveraged nature of these products.
- Delisting Time: The LUNAUSDT, MIRUSDT, and ANCUSDT perpetual swaps were officially delisted at 08:00 am UTC. Trading was halted immediately, and all related open orders on the order book were canceled.
- Position Settlement: All remaining open positions were delivered (settled) at the arithmetic average price of the corresponding OKX index, calculated over the hour preceding the delisting time.
- Funding Rate: The final funding rate applied at the moment of delisting was set to 0.
- Important Advisory: OKX strongly advised users to proactively manage their risk ahead of the delisting due to the potential for sharp market fluctuations. Recommendations included reducing leverage multiples or closing positions in advance.
- Post-Delisting Transfer Restrictions: As a security measure, users holding delivered positions valued over $10,000 were temporarily restricted from transferring assets out of their trading accounts for 30 minutes following the settlement. This restriction was automatically lifted afterward.
Savings Products
The process for savings products was more streamlined. Following the closure of the borrowing function, OKX suspended all new savings subscriptions for LUNA, ANC, and MIR. The system then automatically redeemed all users' assets from these savings products and transferred them to their respective funding accounts once the margin trading services were fully offline.
Key Considerations for Traders During a Delisting
A delisting event requires immediate attention and action from any user holding the affected assets. The primary goal is to avoid automatic system actions, such as forced liquidation or settlement, which may not occur at a favorable price.
Understanding the specific timeline, as provided by the exchange, is the most crucial step. Users should mark key deadlines for halting borrowing, stopping trading, and final settlement. Proactive risk management, including closing positions or reducing leverage well before the official deadlines, is highly recommended to navigate potential market volatility smoothly.
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Frequently Asked Questions
What does it mean when an exchange delists a cryptocurrency?
Delisting means the exchange removes support for trading, borrowing, earning, or other services related to a specific cryptocurrency. Existing holdings are usually not confiscated but must be managed or withdrawn according to the exchange's defined timeline before services are terminated.
Why would an exchange like OKX delist tokens like LUNA, ANC, and MIR?
Exchanges typically delist tokens due to factors like poor liquidity, failure to meet updated listing standards, significant changes to the project's underlying technology, regulatory concerns, or a decline in user demand. The decision is often made to protect users and maintain market quality.
What happens to my coins if they are delisted?
While trading and earning services are removed, the coins themselves remain in your wallet if they are not part of a leveraged product. For margin or perpetual swap positions, the exchange will forcibly close them at settlement. You can usually still withdraw delisted tokens to a self-custody wallet that supports them, but you should always check the exchange's official guidance for specific withdrawal deadlines.
Was this delisting event permanent?
Yes, the delisting of LUNA, ANC, and MIR margin, perpetual swap, and savings products on OKX was a permanent removal of these services for those specific assets. It does not imply a temporary suspension.
How can I stay informed about future delisting announcements?
The best practice is to regularly monitor the official announcements section of any exchange you use. Many also offer the option to subscribe to email or push notification alerts for critical service updates to ensure you never miss important information.
What should I do immediately after a delisting is announced?
Review the official announcement carefully, noting all critical deadlines. Assess your exposure to the affected assets and decide whether to close positions manually on your terms or prepare for automatic settlement. Always back up your transaction history for record-keeping.