In a significant update for traders, OKX has announced the delisting of several margin trading pairs and perpetual swap contracts involving the assets LUNA, ANC, and MIR. This decision impacts key trading services and requires users to take specific actions to manage their positions and assets.
The official delisting occurred on May 13, 2022. This guide provides a comprehensive overview of the changes, the timeline of events, and the steps users needed to take to navigate this process smoothly. Understanding these details is crucial for anyone affected by the update.
Detailed Delisting Timeline and Procedures
The delisting process was executed in a phased manner across different trading products to give users adequate time to respond.
Margin Trading Services
The suspension of margin trading for LUNA, ANC, and MIR pairs was conducted in three distinct stages.
- Borrowing Function Closure: The ability to borrow these assets was disabled at 04:00 am UTC on the specified date.
- Trading Suspension: All margin trading services for these pairs were halted at 12:00 pm UTC. At this time, any outstanding market orders on the order book were automatically canceled by the system.
- Forced Repayment: For users who had not yet repaid their borrowed crypto assets for the LUNA/USDT, ANC/USDT, and MIR/USDT pairs, a system-triggered forced repayment was initiated at 14:00 pm UTC.
Perpetual Swap Trading
The delisting of the LUNAUSDT, MIRUSDT, and ANCUSDT perpetual swaps was a critical part of the update.
Trading for these perpetual swap contracts was stopped at 8:00 am UTC. All open orders for these pairs were subsequently canceled. The exchange settled all remaining positions at the arithmetic average price of the corresponding OKX index from the hour preceding the delisting.
A notable safeguard was implemented: if the index price displayed any abnormalities during that final hour, OKX reserved the right to adjust the final delivery price to a more reasonable and fair market level. The funding rate for these contracts was set to 0 for the final period at 8:00 am UTC.
Due to the potential for sharp market volatility leading up to the delisting, users were strongly advised to employ risk-control measures. This included reducing leverage multiples or closing out positions ahead of the official deadline.
A temporary restriction was also placed on asset transfers. For 30 minutes after the delisting, users holding positions valued over $10,000 at the time of delivery were prevented from transferring assets out of their Trading Accounts. This restriction was automatically lifted after the half-hour window.
Savings Products
Following the closure of the borrowing function, OKX also suspended new savings subscriptions for LUNA, ANC, and MIR. For users who had existing savings products featuring these assets, the system automatically redeemed all holdings. The proceeds from these redemptions were then transferred directly to the users' funding accounts.
Key Considerations for Traders Post-Delisting
Even after the active trading services were removed, certain functionalities remained available. Users could still access and query their historical orders and billing records related to these assets through the platform's interface. However, for those wishing to keep a permanent record, it was recommended to promptly download their data via the “Report Center” on the OKX website.
Navigating exchange delistings requires a proactive approach to risk management. To stay ahead of similar market changes, consider using platforms that offer real-time exchange updates and alerts.
Frequently Asked Questions
What exactly was delisted by OKX?
OKX delisted margin trading pairs, perpetual swap contracts, and savings products involving the cryptocurrencies LUNA, ANC, and MIR. This meant users could no longer trade, borrow, or earn on these specific assets on the platform after the stated date.
Why would an exchange delist trading pairs like this?
Exchanges periodically review their listed assets and trading pairs. Delistings can occur for several reasons, including low trading liquidity, significant changes in the project's health or compliance status, or a strategic shift by the exchange to maintain a high-quality market for its users.
What happened to my open positions in these perpetual swaps?
All open positions for the LUNAUSDT, MIRUSDT, and ANCUSDT perpetual swaps were automatically closed at the time of delisting. They were settled at a delivery price based on the average index price from the hour before the delisting event.
Were the assets in my savings account safe during this process?
Yes. While new subscriptions were halted, the assets you held in savings products for these currencies were automatically redeemed by the OKX system. The value of those assets was then transferred to your main funding account, making them accessible for other uses.
How can I protect myself from the impact of future delistings?
The best defense is to stay informed. Regularly monitor official exchange announcements and set up notifications for the assets you hold. Furthermore, exploring comprehensive risk management tools can provide advanced strategies to safeguard your portfolio against similar events.