Xu Mingxing Reacts to Celt’s Sharp Rise and Fall on OKX

02/28/2023 03:04 • AI & Tech Insights • 76 views

According to reports, in response to the sharp rise and fall of Celt on the OKX trading platform and the KOL order call event, Xu Mingxing tweeted that this really disappointed us. The team will review our listing criteria to prevent similar junk tokens from listing, and consider taking Celt off the shelf. OKX is a neutral exchange. Except OKB and OKT, no tokens can be promoted by using the relationship with OKX.

Xu Mingxing: Considering taking off the shelf of CELT, no token can be promoted by using the relationship with OKX

Interpretation of the news:

Recently, there were reports of a sharp rise and fall of Celt on the OKX trading platform, prompting Xu Mingxing, the founder of OKX, to take to Twitter and express disappointment about the event. He went on to say that the listing criteria of the platform would be reviewed to prevent the listing of similar “junk tokens,” and the possibility of removing Celt from the exchange’s listing was to be considered.

The OKX platform also published a statement reiterating its commitment to being a neutral exchange. It noted that no tokens, except for OKB and OKT, which are its native tokens, can be promoted by using the association with OKX. The statement indicates that the exchange will do everything in its power to ensure that all listed tokens follow ethical practices in line with the platform’s guidelines.

Xu Mingxing’s tweet suggests that Celt’s volatility has threatened the integrity of the OKX trading platform. The listing criteria review is critical, as it is used to assess and approve the projects listed on the platform. Token projects with low liquidity or value could pose a risk to the platform’s reputation, as they do not maintain a stable demand-supply pattern. This could eventually lead to a possible pressure on buyers who may be looking for a higher amount of Celt tokens to sell at a potentially inflated price.

The decision to remove Celt from the platform would not be taken lightly, as it would require a comprehensive review of the token’s liquidity and market demand. However, removing the token may be necessary for the platform to maintain its reputation as a neutral exchange. Moreover, it would discourage token developers from creating and promoting similar junk tokens that could harm the reputation of the platform.

In conclusion, the volatility of Celt on OKX has highlighted the importance of proper listing criteria, and OKX’s commitment to being a neutral exchange. It is evident that the platform’s management will continue to monitor and regulate listed tokens to ensure that only ethical projects are promoted on the platform. The decision to remove Celt should be based on a comprehensive review of the token’s liquidity and the demand in the market to ensure that the platform’s reputation is protected.

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Xu Mingxing Reacts to Celt’s Sharp Rise and Fall on OKX

Xu Mingxing: Considering taking off the shelf of CELT, no token can be promoted by using the relationship with OKX

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