Huobi, a popular crypto exchange founded in China, has delisted ten trading pairs. While a common occurrence for Huobi, the latest SEC lawsuit against Binance and Coinbase has seen many trading platforms do the same.
While tokens get removed, a new altcoin gains traction that should see its eventual public listing. It continues to enjoy multi-million-dollar investments in the first presale stage.
Huobi Exchange Removes Several Altcoin Trading Pairs Linked To USDD
The Huobi exchange is no stranger to delisting many tokens at once, often citing trading risk and low volume as motivation. It followed suit recently with ten trading pairs, 6 of which share the USDD stablecoin.
The first reason is some believe USDD doesn’t have enough liquidity as the eighth most-traded stablecoin. Also, the SEC lawsuit against Binance and Coinbase is the other catalyst. This has led to the likes of eToro and Robinhood also discontinuing several altcoins.
The gist of the legal battle is around ‘unregistered securities.’ Debates rage over whether ADA, SOL, MATIC, and FIL, among others, are securities. These are the same tokens linked to USDD that Huobi has delisted.
After reducing its workforce in early 2023, reports suggested that Huobi made a profit in Q1. Huobi remains in the top 15-20 when comparing the trading volume of crypto exchanges. Yet, its utility token, HT, has underperformed heavily in the past two years.
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