Liqui Exchange Looking To Make A Swift Exit From The Market?

By Sumedha Bose

The traders on the Liqui cryptocurrency exchange, have been on edge for a while now, after the exchange delisted tokens and gave the users only fifteen days to withdraw their holdings. The exchange has come under a lot of fire due to such a controversial move.

The users are complaining about how fifteen days is not nearly enough time for people to make their withdrawals. People could be busy due to myriad reasons and might miss the deadline, which spells out a potential loss of thousands for them.

Liqui has made a statement which states:

Once the withdrawal deadline has been reached, withdrawals will be disabled, and the asset will be fully decommissioned. From this point forward, we will be unable to process withdrawals of impacted assets. It is imperative that customers withdraw delisted tokens by the withdrawal deadline,

This is a despotic move by the exchange which is putting its users in a very unfavourable position. One by one, the exchange has removed support for few of the most important tokens on its platform. For example, the token BAT (Basic Attention Token) is one of the coins that has been delisted by the exchange. This has drawn major attention to the delisting drive. A total of 13 tokens have till now been delisted by the exchange.

The exchange has an user base of around 290,000, who have been given a total of 29 days to remove their funds from the exchange. Although the exchange has claimed that it does not trade against its clients, we still feel that if the exchange does not extend its deadline, it indicates that they might have been involved in trading.

The delisting resulted in 2.3 million SNM tokens finding their way onto Binance exchange. Liqui hit back with around 34,000 Bancor Network Tokens (BNT) for $1 USD each. This might be a calculated move to maintain some essence of stability.

Sumedha Bose

Sumedha uses words as her crutch to get by in life. She takes a keen interest in debating, dancing and destroying the patriarchy in her free time. She can be contacted at [email protected].

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