One sad truth about the cryptocurrency markets is that often times, projects eventually get delisted from exchanges. The truth is that there isn’t enough liquidity for all projects to survive, and more often than not, a group of cryptocurrency projects end up being the ones with the most interest from investors and traders.
Exchanges often delist projects, which might end up either getting re-listed, or not. Of course, this happens in traditional financial markets, as well, as projects often get delisted from Nasdaq and end up moving to the over-the-counter (OTC), and end up commonly known as “penny stocks”.
This usually happens without any real buzz, since there are many exchanges, and projects often end up getting re-listed elsewhere. However, when UnikoinGold (UKG) was delisted from the Okex cryptocurrency exchange, the CEO of Unikrn, Rahul Sood, took to Twitter with his thoughts and concerns. For those that are unaware, Unikrn is an esports betting company.
In a tweet, he suggested that the exchange “asked us to increase volume by any means necessary”, seemingly suggesting that the exchange would have been fine with the company acting unethically, as long as some new volume was introduced. He then sarcastically related this to the fact that the United States Security Exchange Commission (SEC) has yet to approve a Bitcoin ETF.
OKEX straight up asked us to increase volume by any means necessary or get delisted. Wonder why the SEC won’t approve ETFs? 🤔
Sry OKEX we’d rather focus on our business not yours. @SilvioSchembri @JosephMuscat_JM this is why 🇲🇹 needs to be very selective.
(Continued)
— Rahul Sood 🦄 (@rahulsood) November 29, 2018
To end the tweet, he included two other Twitter users, and referenced the Malta flag, stating: “This is why [Malta] needs to be very selective”. He did this after an obvious jab to the Okex cryptocurrency exchange – “Sry Okex we’d rather focus on our business not yours.”
He then praised a rival cryptocurrency exchange, Bittrex, stating that they were the “most legit exchange, period”. He pointed out that Bittrex did not require “bullshit fees to get listed”, had no “fake volume or manipulation” – and suggested that the future of cryptocurrency exchanges involved proper regulation. He also stated, “These other exchanges are in trouble long-term”.
Sood continued on, and focused on his specific gripes with Okex. He seemed to state the fact that Okex as a cryptocurrency exchange charged an exorbitant fee to get listed and then wanted the project to “fake liquidity” was laughable (he utilized a laughing/crying emoji). He then stated firmly, “They need real tokens like $UKG more than we need them.”
Bittrex is the most legit exchange, period. No bullshit fees to get listed, no fake volume or manipulation, the future of Blockchain tokens will be tokenized securities on approved exchanges with ring fenced custody. These other exchanges are in trouble long term.
— Rahul Sood 🦄 (@rahulsood) November 29, 2018
The fact that OKEX charges token teams massive listing fees then forces them to fake liquidity is 😂.
Exchanges need to stop robbing token teams & start building platforms to enable innovation & access.
They need real tokens like $UKG more then we need them.
— Rahul Sood 🦄 (@rahulsood) November 29, 2018
He then proceeded to tag the prime minister of Malta, Joseph Muscat, in a tweet, who has been a proponent for blockchain and cryptocurrency for some time now. He urged the prime minister to take note, suggesting that the wrong exchanges could impede Malta’s plan to remain “Blockchain Island”, and a world leader when it comes to blockchain innovation and cryptocurrency.
Earlier in the series of tweets, he also tagged Silvio Schembri, a 33 year-old Maltese politician and the Junior Minister for Financial Services, Digital Economy and Innovation of Malta.
He ended the series of tweets by calling out the exchanges that did call for increased volume, and stating plainly: “What a dumb way to grow your business”. He called out Okex, as he did before, but also called out the cryptocurrency exchange Kucoin, as well.
To the exchanges that are delisting us unless we boost volumes by any means necessary, you shall be named.
– OKEX
-KucoinWhat a dumb way to grow your business.
— Rahul Sood 🦄 (@rahulsood) November 29, 2018
His last tweet in the series of tweets urged those involved in cryptocurrency projects that anyone with a token had a “responsibility to their customers”. He suggested that these individuals should not let “bad exchanges” influence their decisions.
Anyone in #Crypto should read this thread and remember, if you have a token you have a responsibility to your customers. Don’t get it twisted and don’t let bad exchanges continue to drag the ecosystem to the ground. #Blockchain #Bitcoin #Ethereum
— Rahul Sood 🦄 (@rahulsood) November 29, 2018
His tweets garnered different reactions from the cryptocurrency community, with some suggesting that his project deserved to get delisted, and others pointing out that the practice was common within the traditional financial markets as well. While some argued that he was simply complaining too much – others argued that what Sood was saying was accurate, and that others should take heed.
Sood is a serial entrepreneur, and sold his company, Voodoo PC, to Hewlett Packard in 2006, and then joined Hewlett Packard. He is known to make bold statements in his corporate blog, and his current Esports cryptocurrency venture isn’t his first foray into gaming, as he was instrumental in bringing fanless PC gaming technology to market. He also spent some time at Microsoft, where he started an incubation fund for startups called The Bing Fund.
The Unikoin Gold token currently ranks at #427 on Coinmarketcap, sitting at just under 3 cents and a market capitalization of around $4.2 million, as of press time.
