coinedition.com
Seychelles-based cryptocurrency and derivatives exchange OKX declared the official delisting of the U.S-backed stablecoin Gemini Dollar (GUSD). Reportedly, the digital asset trading platform Ouyi would exclude the GUSD flash exchange services on February 1, 2023, precisely at 16:00 (UTC+8).
According to the Ouyi Platform, the risk control department of Ouyi recently conducted online projects on the platform based on the “Ouyi Rules on Hiding TOKEN and Offline Trading Pairs” to maintain “a healthy digital asset environment in the blockchain industry,” to “optimize the liquidity of projects” and to dispense users with a “good trading experience”.
After the Ouyi Platform’s official announcement went public, Wu blockchain mentioned that the GUSD asset exchange would no longer be backed by flash swaps.
吴说获悉，OKX 发布公告称，将于 2023 年 2 月 1 日 16:00 (UTC+8) 正式下线 GUSD，闪兑将不再支持 GUSD 资产兑换。据 Coingecko 数据，GUSD 过去 24 小时交易量仅为 56 万美元。https://t.co/5RdYGdGLmX
— 吴说区块链 (@wublockchain12) January 31, 2023
In addition, the platform also mentioned the transaction volume of GUSD as per the Coingecko data was as low as $560,000 in the past 24 hours.
As per the official announcement, the GUSD flash exchange service “touched the offline rules” and runs on “ high risk” and would be processed “offline”. The declaration was made based on “comprehensive market monitoring” and the “progress tracking” integrated with the “complaints and feedback from the majority of users on the project”.
Ouyi also stated that they would implement the rules and continue to provide attention to the enlisted projects based on the “Ouyi Rules on Hiding TOKEN and Offline Trading Pairs” as the service foundation of the Ouyi platform depends upon “safeguarding the rights and interests of all users on the platform”.
Furthermore, the Ouyi platform hopes for the majority of user support and cooperation and reminded the users to strictly evaluate the “investment capabilities” and “risk tolerance” as the “digital assets are high-risk investment products”.