OKEx Adds 4 Stablecoins, Delists Bytecoin

OKEx, the third-biggest cryptocurrency exchange by daily trade volume, has announced the listings of four stable coins: TrueUSD (TUSD), USD Coin (USDC), Gemini Dollar (GUSD) and Paxos Standard Token (PAX). The exchange has also announced that it will be joining leading crypto exchange Binance in delisting Bytecoin due to critical technical issues with the coin that have been left unaddressed.

Four New Stablecoins on the Platform

The newly listed stablecoins will become available for deposits starting today at 5:00 PM Hong Kong Time (HKT). Trading pairs will also be available. Withdrawals will be added tomorrow, October 16.

True USD is the second stablecoin to be released pegged at a 1:1 backing with the US dollar. The token began to gain traction in the wake of the Tether (USDT) controversy in June of this year.

The Gemini Dollar and Paxos Standard Token were approved as stablecoins by the New York State Department Financial Services (NYDFS) on September 10th. Creators of Gemini Dollar, the Winklevoss Twins, state that the dollar-backed token is “held at a bank located in the United States and eligible for FDIC ‘pass-through’ deposit insurance.”

Paxos Standard Token is built on the Ethereum blockchain. The coin is described by its creators as a “fiduciary and qualified custodian of customer funds.” The PAX token is also backed at a 1:1 pairing with the US dollar.

Lastly, the launch of USD Coin was announced by crypto finance company Circle on September 26th. The coin is already listed on a number of major exchanges, including Circle’s Poloniex, Huobi, OKCoin, and KuCoin.

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Bytecoin Delisted from OKEx

Meanwhile, OKEx has also announced that it will be delisting 31st-ranked cryptocurrency Bytecoin amidst controversy surrounding the tokens underlying tech. Bytecoin token holders must remove their funds from the exchange by November 1st.

“The project has been exposed to a critical technical issue that has been left unhandled,” a recent press release from OKEx reads. “We will strictly monitor all listed projects and implement the delisting / hiding mechanism for substandard projects. Protecting the interest of our users is always the essence of our service.”

Binance suspended Bytecoin deposits and withdrawals earlier this year citing concerns over “network issues.” New Zealand-based Cryptopia was the first exchange to delist Bytecoin over a year ago due to “unpleasant overhead” for the exchange caused by numerous customer complaints surrounding the coin.

CryptoGlobe reports that internal concerns are beginning to arise among OKEx users who have accused the exchange of falsified statistics in its trading volumes. The accusers claim that the majority of the exchange’s trading volume consists of fake ‘wash trading’, defined by Investopedia as “process whereby a trader buys and sells a [position] for the express purpose of feeding misleading information to the market.”

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