Crypto exchange Bitfinex announced that it is delisting 87 trading pairs due to low liquidity and trading volumes. This is in addition to the 46 pairs that were dropped earlier this month.
According to the official announcement, the removal of the trading pairs will “serve to consolidate and improve liquidity on Bitfinex, leading to a more streamlined and optimized trading experience for our users.”
The popular Hong Kong-based crypto exchange wants to assure the best trading experience for its users by providing them with more streamlined and optimized options with which to trade.
The vast majority of the tokens currently on the chopping block are paired with Bitcoin (BTC) and/or Ethereum (ETH), however, there are some that are paired with Tether (USDT) and Verge (XVG) as well as to some fiat currencies.
Most of these trading pairs involve smaller capitalization altcoins such as Dether, DATA, Wollo, Bancor, and more.
The delisting of trading pairs will happen at 10:00 AM UTC on Thursday, March 26, 2020. Bitfinex customers are asked to cancel any open orders for the affected trading pairs before then.
“We would like to remind our users to cancel any open orders with the mentioned trading pairs before 26/03/20 (Thursday). All remaining open orders will be canceled by the system.”
Bitfinex was quick to assure its customers that the tokens slated for delisting are still available for trading on the exchange, albeit with limited pairing options.
Bitfinex tightens its belt to boost performance
Despite the recent crypto crash, which shaved more than 47% off of Bitcoin’s price overnight, competition among crypto exchanges remains fierce.
Bitfinex’s latest crypto purge comes less than three weeks after it delisted another 46 trading pairs, also citing low liquidity.
In the face of declining traffic and increasing competition, Bitfinex is hoping that culling underperforming – or nonperforming – tokens from its list of offerings will allow it to offer a better trading experience to its users.
In a tweet published on Friday, the exchange noted that the removal of the trading pairs would “optimize the trading experience” for its user base.
Bitfinex will remove 87 trading pairs, commencing on 26/03/2020, to optimize the trading experience for our user base.
➡️Find the list of trading pairs at https://t.co/9ZVoJ9SMBd
— Bitfinex (@bitfinex) March 20, 2020
Many of the tokens facing delisting were born of the massive 2017 initial coin offering (ICO) boom and have since all but fallen by the wayside.
Speaking about the initial round of delistings this month, Bitfinex CTO Paolo Ardoino stated:
“Bitfinex, like other major cryptocurrency exchanges, has taken the decision this year to go through a liquidity consolidation process, resulting in fewer trading pairs being listed.”
“Our decision forms part of a wider industry trend, with many projects born in 2017 having now lost traction,” he added.