Major Crypto Exchanges Delist Centra Tokens Due to Lawsuit

Binance, KuCoin and OKeX warned users of a fraudulent Centra ICO project and announced their plans to delist CTR tokens
03 April 2018   599

Today we have reported that the collective lawsuit was filed against Centra ICO. The project was accused of violating the US Securities Act, and the organizers of Centra ICO were charged with misleading investors about the company’s relationship with the payment services Visa and Mastercard, as well as in posting false information about its members on its website.

Following the announcement of Centra ICO being a fraud, major cryptocurrency exchanges started publishing notes warning the users of a fraudulent ICO project and delisting CTR tokens. Among the first exchanges which tend to delist the token are Binance, KuCoin and OKeX.

This is a special announcement about the high risk associated with the CTR token in light of the information released earlier today relating to the controversial and fraudulent acts by members associated with the Centra Tech team.

Binance Announcement

Binance stated that it will monitor the situation closely, and most probably take further actions including delisting, promising to inform the users about its intentions in a 72 hours notice.

KuCoin reported that it has subsequently conducted market research and analysis of the negative impact of the CTR project, and made a decision to delist Centra (CTR) tokens. CTR trading pairs closing date will be at 15:00:00 (UTC+8) on April 04, 2018, and CTR withdrawal function will remain open for some time.

OKeX has joined the above mentioned crypto exchanges and decided to close all Centratrading pairs starting from 15:10, April 3, 2018 Hong Kong Time. All pending orders of the trading pairs will be cancelled, but the withdrawal service of CTR will still be available until further notice.

Crypto Exchange White Label Service launched by OKEx

OKEx, one of the biggest exchanges in the world, has declared the run of a crypto exchange creation programme ‘Digital Asset Exchange Open Partnership Program’
20 June 2018   489

The announcement claims that the programme is intended to “nurture a new generation of digital asset exchanges”. To establish a new crypto exchange, interested parties have to provide OKEx with a domain name, logo, and specialties of the management team. They are assured to possess “solid industry experience, quest for service excellence, and strong industry influence.”

Applicants should also deposit 500,000 OKB tokens into their accounts. This equals around $2.5 million at the present rate, according to OKB is a utility token that were first sold in March of this year in packages of up to 100, each costing $100. They can be applied to settle transaction fees on the exchange and traded for Bitcoin, Ethereum and Tether.

The applicants will get access to OKEx’s fitting system (which links up buy and sell orders), cold and hot wallets (offline and online cryptocurrency storage), clearing system (which handles money transfer), client support system, and know-your-customer and anti-laundering systems. They will also get support from the OKEx technical team.

100 places are suggested by the programme in its first phase. It is anticipated to start in July. The announcement also points out the setup that the new exchanges must have. They will develop their own native tokens, and distribute them as follows:

  • 25 percent to themselves;
  • 24 percent to OKB holders;
  • and 51 percent to be mined.

OKEx explains the mechanisms by which the tokens will be mined/released. The term white label was firstly invented in the music industry - a white label vinyl record was a release so new that it had not yet been labelled, a much sought-after thing. Presently it cites to a service or product manufactured by one company and sold to another for re-sale under a different brand name.