Cryptocurrency exchange Huobi is going to remove 14 cryptocurrencies, see the list

This Friday (2/3), cryptocurrency broker Huobi will remove 14 currency options that are on its global platform, which should also affect Brazilian traders working with the company.

The announcement was made this Monday (30) and surprised some members of the community.

One of the cryptocurrencies affected by the takedown is ShapeShift (FOX), the competitor that is also active in the buying and selling of cryptocurrencies.

Huobi Announces Removal of 14 Cryptocurrencies This Friday, traders must cancel orders

The market post explained that the 14 cryptocurrency pairs removed in the coming days no longer meet the exchange’s requirements.

One is trading volume, which must have a daily average of at least $50,000 over the last 30 days.

Tokens removed by such condition are: BFT (Bnk To The Future), BREED (BreederDAO), BP (BEYOND), FOX (Shapeshift), MOVEZ (MoveZ), MIR (Mirror Protocol), POKT (Pocket Network), RADAR ( DappRadar), SRT (Smart Reward Token), UPI (Pawtocol), UNIC (Unicly).

CNN (Content Neutrality Network) cryptocurrency is considered by Huobi to be the most serious case, as it can pose additional risks to investors. Despite the warning, the broker did not provide any details about the dangers to the market, only removing the currency.

“As part of our ongoing efforts to promote the healthy development of the blockchain ecosystem, Huobi will stop trading BOO, BFT, BREED, BP, CNN, FOX, MOVEZ, MIR, POKT, QSP, RADAR, SRT, UPI and UNIC. These tokens will be deleted on February 3, 2023 at 08:00 (UTC).”

By losing a trading pair on a major exchange, projects lose liquidity in the market as well as credibility.

It is worth noting that Huobi is the 20th largest by volume in the cryptocurrency market, according to data collected by Livecoins on CoinMarketCap.

Devalue projects

With the removal of its pair on a major exchange, the ShapeShift platform coin is down 2.8% in the past 24 hours.

The project that received the highest warning, CNN, is down 5% in the past 24 hours, showing that Huobi’s warning has caught investors’ attention.

However, not all of them coincided with the loss of liquidity. For example, Beyond Protocol gained 1% over the same period, excluding the loss of support.

Brokers in the cryptocurrency market have increased requirements for projects after a troubled 2022, which even saw a major coin, Terra (LUNA), fall. For example, regulators are showing that they need to pay more attention to companies, which respond by showing that bad projects leave platforms to avoid greater damage to investors.

Source: Live Coins