The cryptocurrency landscape is constantly evolving, and exchanges must adapt to ensure optimal performance, security, and user experience. In line with this principle, OKX has announced the full delisting of TORN trading pairs across multiple trading services. This decision follows the OKX Token Delisting / Hiding Guideline and incorporates feedback from the user community to enhance platform efficiency and asset liquidity.
The delisting impacts spot trading, margin trading, perpetual contracts, and Savings products involving TORN. Below is a detailed breakdown of the timeline, procedures, and essential actions users must take to manage their positions and avoid potential losses.
Spot Trading: TORN Pairs Removal
OKX will officially cease spot trading for all TORN pairs at 10:00 AM UTC on September 27, 2022. At this time:
- All active TORN spot orders will be automatically canceled.
- The trading pairs will be removed from the platform’s spot markets.
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Traders are strongly advised to close any open positions or adjust their strategies before the deadline. This ensures full control over exit prices and avoids unintended liquidations due to sudden market movements.
Margin Trading: Borrowing Halted and Forced Repayment Scheduled
The margin trading functionality for TORN has already undergone partial suspension:
- Borrowing for TORN pairs was disabled at 9:00 AM UTC on September 21, 2022.
Further actions will take place on September 27, 2022:
Margin trading for TORN pairs will cease at 2:00 AM UTC.
- All open margin orders will be canceled.
Forced repayment will be triggered at the same time (2:00 AM UTC).
- Users with outstanding TORN borrowings must repay their debts before this deadline to avoid penalties.
Important Note: Given the potential for high volatility in TORN’s price leading up to delisting, OKX strongly recommends that users close all leveraged positions early. Delaying action may result in forced liquidation at unfavorable rates, leading to significant financial loss.
Perpetual Contracts: Delivery and Risk Control Measures
To ensure a smooth exit for derivatives traders, OKX will delist the TORNUSDT perpetual swap at 8:00 AM UTC on September 26, 2022. At that moment:
- Trading will be suspended.
- All pending orders on the order book will be canceled.
Final Settlement Process
All open TORNUSDT perpetual swap positions will be settled using the arithmetic average price of the OKX TORN index over the one hour preceding delisting.
In the event of index price anomalies during this period, OKX reserves the right to adjust the final delivery price to a fair and reasonable level based on market conditions.
Funding Rate Adjustment
The funding rate at the time of delisting (8:00 AM UTC) will be set to 0%, meaning no funding fees will be charged or credited for that cycle.
Post-Delisting Transfer Restrictions
To maintain platform stability:
- Users holding TORNUSDT perpetual positions valued at over $10,000 at delivery will face a 30-minute restriction on transferring assets out of their Trading Account.
- After this brief hold period, withdrawal capabilities will be restored.
Historical records, including order history and transaction bills, will remain accessible via the web interface. Users are encouraged to download relevant data through the Report Center for personal record-keeping.
Enhanced Risk Control Parameters
To mitigate extreme price swings ahead of delisting, OKX has adjusted the price limit rules for the TORNUSDT perpetual contract:
Starting at 8:00 AM UTC on September 24 (48 hours before delivery):
- X = 2%, Y = 2%, Z = 5%
At 7:30 AM UTC on September 26 (30 minutes before delivery):
- X = 1%, Y = 1%, Z = 2%
These adjustments help prevent excessive volatility and ensure fair execution during the final trading phase.
Traders should remain vigilant—sharp price movements are common before delisting events. Reducing leverage or exiting positions early can significantly lower risk exposure.
Savings Products: Auto-Redemption of TORN Holdings
With the discontinuation of borrowing features, OKX will also suspend TORN savings subscriptions. Once margin trading for TORN is fully taken offline:
- The system will automatically redeem all TORN assets held in Savings.
- Redeemed funds will be transferred to users’ Funding Accounts.
This ensures that users regain access to their principal without delay. No manual action is required for redemption, but users should verify their account balances post-processing.
Frequently Asked Questions (FAQ)
Q: Why is OKX delisting TORN trading pairs?
A: The delisting aligns with OKX's Token Delisting Guidelines and aims to improve platform efficiency, user experience, and market liquidity. It also reflects user feedback and evolving market conditions.
Q: What happens if I don’t close my margin position before 2:00 AM UTC on Sep 27?
A: Open margin positions will be forcibly closed, and any outstanding borrowings will trigger automatic repayment. This may result in losses due to unfavorable market prices or penalties.
Q: How is the final price for perpetual contracts determined?
A: The final settlement price is based on the arithmetic average of the OKX TORN index over the hour before delisting. Abnormalities may lead to manual adjustments for fairness.
Q: Will I lose my TORN assets in Savings?
A: No. Your assets will be automatically redeemed and sent to your Funding Account. You retain full ownership and can withdraw or trade as needed.
Q: Can I still view my past TORN trade history after delisting?
A: Yes. All historical orders and transaction records remain accessible via the Report Center on the web platform.
Q: Are there any fees associated with the delisting process?
A: No additional fees are imposed specifically due to delisting. Standard transaction and redemption rules apply.
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Delisting events like this underscore the importance of staying informed and proactive in managing digital asset portfolios. Cryptocurrency markets move quickly, and exchange policies evolve to meet compliance, security, and performance standards.
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By understanding the timelines and procedures outlined above, users can make informed decisions, minimize risks, and transition smoothly out of affected markets. Whether you're involved in spot trading, leverage-based strategies, or passive income products like Savings, preparation is key.
OKX remains committed to transparency, user protection, and continuous platform improvement—ensuring traders have the tools and information needed to thrive in a dynamic digital economy.
Last updated: September 21, 2022 (UTC)
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