Dear OKX Users,
To foster a healthier digital asset environment within the blockchain industry, optimize project liquidity, and provide users with an enhanced trading experience, OKX's risk control department has conducted comprehensive market monitoring and progress tracking of listed projects. Based on the OKX Token Delisting and Hiding Guidelines and considering user feedback and complaints, we will proceed with the delisting of WEMIX Token (WEMIX). The specific schedule is as follows:
1. Spot Trading
OKX will suspend spot trading services for WEMIX at 21:00 (HKT) on December 8, 2022, canceling all existing orders in the market.
2. Margin Trading and Flexible Savings
| Margin Pair | Stop Borrowing Function | Delisting Time |
|---|---|---|
| WEMIX/USDT | 17:00 (HKT) December 8, 2022 | 18:00 (HKT) December 8, 2022 |
OKX will suspend margin trading and flexible savings services for the above pairs at the specified delisting times and cancel all pending orders. The delisting process for each pair will take approximately one hour. Users with outstanding borrowed assets or collateral positions must repay their loans before delisting. Failure to do so will trigger automatic loan repayment by the system.
For WEMIX/USDT isolated margin positions, the margin adjustment function has been disabled. Users are advised to manage risks carefully, close positions promptly, and avoid liquidation losses.
👉 Risk Management Tips for Margin Trading
Risk Warning: Due to potential market volatility, users are encouraged to close positions manually before trading suspension to prevent losses during forced repayment.
3. Perpetual Contracts Trading
To prevent disruptions from WEMIX token swaps, OKX will delist the WEMIXUSDT perpetual contract at 17:00 (HKT) on December 8, 2022. Upon delisting, trading will halt, all pending orders will be canceled, and positions will be settled at the arithmetic average of the OKX WEMIX/USDT index price over the hour preceding delisting. If the index price is manipulated abnormally during this period, OKX may adjust the final settlement price to ensure fairness.
No funding fees or additional settlement charges will apply during this process.
Given potential extreme volatility before delisting, users should mitigate risks by reducing leverage or closing positions early. Any insurance fund shortfall will be covered first by the risk reserve, followed by auto-deleveraging of profitable traders' positions.
Post-delisting, users holding WEMIX/USDT perpetual contracts valued over $10,000 will face temporary transfer restrictions across their accounts, lifted after 30 minutes. Historical order and transaction records remain accessible for download via the PC order center.
To facilitate a smooth delisting, the following adjustments will apply to WEMIX/USDT perpetual contract risk parameters:
A. Price Limit Rules
| Time | X (Initial) | Y (Post-Initial) | Z (Ceiling) |
|---|---|---|---|
| 12:00 HKT (5 hours pre-delisting) | 2% | 2% | 5% |
| 16:30 HKT (30 minutes pre-delisting) | 1% | 1% | 2% |
Note: Parameters may be adjusted earlier if significant price deviations occur.
4. Token Discount Rate Adjustment
| Time | Token | Previous Tier ($) | Previous Rate | New Tier ($) | New Rate |
|---|---|---|---|---|---|
| 18:00 HKT December 8 | WEMIX | 0–50,000 | 0.5 | 0 | 0 |
| >50,000 | 0 |
About Token Discount Rates:
Under cross-currency margin mode, assets in full-margin accounts are collectively converted to USD for collateral. Discount rates adjust for varying market liquidity, balancing risk exposure.
👉 Understanding Margin Account Mechanics
5. Savings (Savings Balance)
After borrowing stops, Savings will halt WEMIX subscriptions. Existing holdings will be automatically redeemed post-delisting and credited to users' funding accounts.
OKX remains committed to delivering superior products and services!
OKX Team
December 8, 2022 (HKT)
FAQs
Q1: Why is OKX delisting WEMIX?
A1: The decision follows rigorous market monitoring, user feedback, and adherence to OKX's token review guidelines to maintain platform integrity and user protection.
Q2: What happens to my active WEMIX orders?
A2: All pending spot, margin, and perpetual contract orders will be canceled automatically at the respective delisting times.
Q3: How is the perpetual contract settlement price determined?
A3: It's based on the hourly average index price before delisting, with safeguards against price manipulation.
Q4: Can I transfer assets during the delisting process?
A4: Large perpetual contract positions (>$10,000) face temporary transfer locks for 30 minutes post-settlement.
Q5: Will I incur fees during forced repayments?
A5: No additional fees apply, but market volatility may impact final repayment amounts.