TL;DR
- What? As of March 16, 2023 at 11:59pm PST, NYCCoin (NYC) and MiamiCoin (MIA) will no longer be available to trade, buy, or sell, but you can still hold these coins in your account or withdraw them and trade them on the ALEX decentralized exchange.
- When? The trading suspension will remain in effect until we are able to safely restore trading, but we don’t know when that will be possible.
- Why? Limited liquidity for these coins on our platform has created the possibility of price manipulation and fraudulent activity. As a result, we will suspend trading until we can address these potential risks and protect our customers.
What you need to know
At March 16, 2023 at 11:59pm PST, we will suspend trading of CityCoin’s NYCCoin (NYC) and MiamiCoin (MIA). Here is the info:
Your CityCoins are safe. If you hold NYC or MIA in your account, your coins remain in your account with the same industry-leading security they’ve always had. You can keep them on Okcoin or withdraw them to another wallet.
- CityCoin trading is still live on ALEX. Currently, Okcoin is the only centralized exchange that lists CityCoins. You can still trade them on the ALEX decentralized exchange.
We will restore CityCoin trading as soon as possible. We are working to restore CityCoin trading on our platform. While we don’t know when that will be, we provide our community with updates as soon as we have more to share.
In the meantime, here’s what happened.
The Risk of Low Liquidity
In January 2023, our security team noticed that the markets on our exchange for NYC and MIA had unexpectedly low liquidity levels.
The concern with low liquidity is that malicious, third party actors can manipulate prices, launder stolen funds, and perpetrate other frauds. While none of these risks have occurred, we wanted to get ahead of any possible misconduct. So we moved immediately to address and stop these events from occurring.
Our first response was to reach out to professional market makers about improving liquidity for NYC and MIA. However, it became clear that efforts to add liquidity would take time, leaving us with the suspension of trading as a last resort.
Protecting Users and the Platform
Simply put – we operate on a rule of safety first.
As a crypto exchange, our first obligation is to keep our platform safe by protecting our customers’ funds and our platform’s integrity. In the short term, this often costs us money in security costs and prevented transactions. But in the long term, our mission remains to operate a clean and safe crypto exchange that our customers can trust.
That’s why we always prioritize protecting user funds and platform integrity.
Get in touch
Please feel free to reach out with any questions or concerns. You can find us on Twitter @okcoin or email us at support@okcoin.com.
As always, we’re grateful for your business and your continued support, and we’ll provide an update on NYC and MIA trading as soon as possible.
THIS BLOG IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY. IT IS NOT INTENDED TO PROVIDE ANY INVESTMENT, TAX, OR LEGAL ADVICE, NOR SHOULD IT BE CONSIDERED AN OFFER TO PURCHASE, SELL OR HOLD DIGITAL ASSETS. DIGITAL ASSET HOLDINGS, INCLUDING STABLECOINS, INVOLVE A HIGH DEGREE OF RISK, CAN FLUCTUATE GREATLY, AND CAN EVEN BECOME WORTHLESS. YOU SHOULD CAREFULLY CONSIDER WHETHER TRADING OR HOLDING DIGITAL ASSETS IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION.
