As part of ongoing efforts to enhance platform efficiency and user experience, OKX will officially delist all TORN trading pairs across multiple services. This includes spot trading, margin trading, perpetual contracts, and TORN Savings. The decision follows the OKX Token Delisting / Hiding Guideline and takes into account community feedback and liquidity considerations.
The delisting process will be rolled out in stages to ensure a smooth transition for all users. Below is a comprehensive breakdown of the timeline, key actions, and risk management steps for each service.
Spot Trading: Final Cutoff on September 27
OKX will cease spot trading for all TORN pairs at 10:00 AM UTC on September 27, 2022. At that time:
- All active TORN spot orders will be automatically canceled.
- Trading functionality for TORN will be permanently disabled on the platform.
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Users are strongly encouraged to close any open positions or pending orders before the cutoff time to avoid unexpected execution issues or losses due to price volatility.
Margin Trading: Borrowing Already Suspended
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 be fully terminated at 2:00 AM UTC.
- All open margin orders will be canceled.
Forced repayment will be triggered at the same time.
- Users with outstanding TORN borrowings must repay their debts before 2:00 AM UTC on September 27, 2022, to avoid penalties.
⚠️ Given the potential for extreme price swings during this transition period, OKX strongly advises users to exit positions early and manage leverage responsibly to minimize risk.
Perpetual Contracts: Delivery and Settlement Process
To ensure orderly settlement during the delisting phase, OKX will delist the TORNUSDT perpetual swap at 8:00 AM UTC on September 26, 2022.
Key Details:
- Trading will halt immediately at delisting time.
- All pending orders in the order book will be canceled.
- Open positions will be settled using the arithmetic average of the OKX index price over the one hour preceding delisting.
In cases where index price data shows anomalies during that final hour, 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 moment of delisting (8:00 AM UTC) will be set to 0.
- No funding fees will be recorded or charged for that cycle.
Risk Control Measures
To maintain platform stability and protect users during this sensitive period, OKX has implemented temporary adjustments to price limit rules:
Price Limit Rule Adjustments
Starting 48 hours before delivery (8:00 AM UTC, September 24):
- Initial price cap expands up to 5% above or below the index.
- Gradually tightens as delisting approaches.
Final tightening occurs 30 minutes before delivery (7:30 AM UTC, September 26):
- Reduces maximum deviation to 2%, minimizing slippage and manipulation risks.
These dynamic limits help prevent abnormal price movements and support a more stable settlement process.
Post-Delisting Transfer Restrictions
For risk mitigation:
- Users holding TORNUSDT perpetual positions valued over $10,000 at settlement time will face a 30-minute withdrawal freeze on their Trading Account assets.
- After the 30-minute window, transfer capabilities will be restored.
All historical trade records and billing data remain accessible after delisting. Users are advised to export necessary data via the Report Center on the OKX web platform before it becomes archived.
TORN Savings: Automatic Redemption Coming
With the closure of borrowing functionality, OKX will also suspend savings-related services for TORN:
- Subscription to TORN Savings will be disabled.
- The system will automatically redeem all held TORN assets after margin trading is fully taken offline.
- Redeemed funds will be transferred to users’ Funding Accounts without delay.
This ensures that users retain full access to their principal while avoiding complications from discontinued support.
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Frequently Asked Questions (FAQ)
Q1: Why is OKX delisting TORN?
OKX regularly reviews listed tokens based on performance, liquidity, user demand, and compliance standards. This delisting aligns with our Token Delisting Guidelines and aims to maintain a healthy trading ecosystem.
Q2: What happens if I don’t close my position before delisting?
Unsettled positions in perpetual contracts will be automatically closed at the index average price. For margin accounts, failure to repay borrowings may result in forced liquidation and potential losses.
Q3: Will I lose my TORN tokens?
No. Your assets are safe. Any TORN holdings in your Funding Account remain yours. During the Savings redemption process, your tokens will be returned to your account.
Q4: Can I still deposit or withdraw TORN after delisting?
Yes, deposit and withdrawal functions for TORN may remain available even after trading ends. However, users should monitor official announcements for any future changes to blockchain support.
Q5: How can I check my transaction history after delisting?
All historical data—including trades, bills, and orders—can be accessed through the Report Center on the OKX website. We recommend downloading critical records promptly.
Q6: Where can I get support about this change?
For assistance, visit the OKX Support Center or join the official OKX Telegram group for real-time updates and guidance.
Final Notes and Recommendations
The phased delisting of TORN reflects OKX’s commitment to maintaining a secure, efficient, and user-focused trading environment. While such transitions can create short-term uncertainty, proactive risk management can help users avoid unintended exposure.
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We encourage all users affected by these changes to act early—review open positions, settle debts, back up data, and stay informed through official channels. By doing so, you ensure a seamless transition during this operational update.
Last updated: September 21, 2022 (UTC)