JAKARTA Crypto exchange company Huobi reportedly removed trading or delisting 33 tokens on its platform. This information was announced by Huobi on January 11, 2023 yesterday.
The announcement shows that Huobi is starting to falter due to the loss of its market share. Currently, Huobi's market share is declining to less than 4 percent. Huobi claims the removal of the token was due to a low volume and possible trading risk on the token.
Lists of tokens to be removed from Huobi include ABT, ATP, APN, AST, DIE, DHT, DFA, EDEN, GEAR, HC, INDI, IOI, INV, IRIS, GCOIN, GOF, KMA, MTA, NAS, OPUL, PEARL, PRIMATE, QASH, SMT, SMT, SKU, SOC, STC, TALK, VALUE, WHALE, WILD, AND YAM.
Even so, on January 16, Huobi plans to temporarily suspend the trading of tokens above before deleting them securely on the platform. In his explanation, Huobi said that most tokens had violated Section 17, Rule 1 and Section 17, Rule 2 of Huobi Token Management Rules.
"Huobi is entitled, based on the severity of the incident, to hide or stop trading according to the following events: 1) [Token] Reported with an 'ST' warning and not canceled within 30 days. 2) [Token] That does not meet the requirements has USD 50,000 in daily trading volume," according to one of Huobi's rules.
Reported by Coinpeaker, Huobi's crypto exchange decided to remove the token only after a series of four main trigger events as follows:
Pangsa Pasar Huobi Declines in 2022
Despite being one of the world's major crypto exchanges, Huobi has continued to lose its market share since 2020. With more than 22 percent market share in 2020, Huobi's market share fell to just 4 percent last year in 2022.
In a research report published by Kaiko, it notes that Justin Sun's exchange remains "undeniably a biggest loss from the bearish crypto market". On the other hand, Huobi USDD's original stablecoin continues to trade under its dollar benchmarks. This further poses a "heavy challenge" to Huobi.
TRON DAO Reserve issued a stablecoin on the Tron blockchain and is responsible for ensuring that its value remains stable against USD. On the other hand, Huobi's financial stability was recently questioned by users who withdrew more than $100 million last week.
Thus, to increase trust in the stock exchange, Justin Sun had to inject $100 million in USDT and USDC stablecoins from the Binance trading platform into the Huobi crypto exchange.
The English, Chinese, Japanese, Arabic, and French versions are automatically generated by the AI. So there may still be inaccuracies in translating, please always see Indonesian as our main language. (system supported by DigitalSiber.id)
