On March 16, 2023, Okcoin, a crypto exchange platform, announced the suspension of trading for MiamiCoin (MIA) and NYCCoin (NYC) due to limited token liquidity.
The platform will no longer facilitate the buying, selling, or trading of these CityCoins until it can safely restore trading.
Okcoin cited potential risks of fraud and price manipulation as reasons for the suspension, and trading will only resume once the platform addresses all potential risks and establishes ways to protect its users.
While Okcoin has allowed holding, withdrawal, and trading of these coins on the ALEX decentralized exchange, the platform’s security team noted low liquidity levels, which raised concerns of potential frauds by third-party actors.
Okcoin aims to protect its integrity by securing user funds and is calling for improved CityCoins liquidity from market makers before resuming trading. MiamiCoin and NYCCoin are local, decentralized, programmable currencies that are endorsed by their respective cities’ mayors, and users can freely mine these coins, with 30% of mining fees going to the city.
Okcoin is the only centralized exchange platform allowing trading of these CityCoins, while ALEX is the affiliated decentralized exchange.
