The cryptocurrency landscape is constantly evolving, and exchanges must adapt to ensure optimal performance, security, and user experience. As part of this ongoing optimization, OKX has announced the full delisting of TORN trading pairs across multiple product lines — including spot trading, margin trading, perpetual contracts, and savings services.
This strategic move aligns with the OKX Token Delisting / Hiding Guideline and incorporates community feedback to enhance platform efficiency and liquidity management. Below is a comprehensive breakdown of what users need to know about the delisting timeline, implications, and necessary actions.
Why Is TORN Being Delisted?
While OKX does not always disclose specific internal reasons for delistings, such decisions are typically driven by factors like:
- Declining trading volume or liquidity
- Project development stagnation
- Security or smart contract concerns
- Regulatory or compliance considerations
Regardless of the underlying cause, the goal remains consistent: to maintain a high-quality, secure, and efficient trading environment for all users.
📅 Delisting Timeline and Key Deadlines
To help traders and investors prepare accordingly, OKX has rolled out a phased delisting schedule across its platforms.
1. Spot Trading: Final Cutoff on September 27, 2022
OKX will cease spot trading for all TORN pairs at 10:00 AM UTC on September 27, 2022. At that time:
- All open TORN orders will be automatically canceled.
- Users will no longer be able to buy or sell TORN against any fiat or crypto pair.
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Action Required: If you hold open orders or positions in TORN, close them before the cutoff to avoid unexpected execution or slippage during system cancellation.
2. Margin Trading: Borrowing Already Suspended
Margin functionality for TORN was disabled in stages:
- Borrowing suspended: As of 9:00 AM UTC on September 21, 2022, users could no longer borrow TORN in margin accounts.
Trading halted and forced repayment triggered: At 2:00 AM UTC on September 27, 2022, OKX:
- Ceased all margin trading involving TORN.
- Canceled all pending orders.
- Initiated forced repayment for outstanding TORN loans.
⚠️ Important: Users with active TORN borrowings were required to repay their debt by the deadline. Failure to do so resulted in automatic liquidation or repayment using available collateral.
Due to potential price volatility during migration events, OKX strongly advised users to close leveraged positions early to minimize risk exposure.
3. Perpetual Contracts: Delivery and Settlement Details
To ensure a smooth exit from derivatives markets, OKX delisted the TORNUSDT perpetual swap at 8:00 AM UTC on September 26, 2022.
How Were Open Positions Handled?
All open TORNUSDT perpetual contract positions were automatically delivered based on the arithmetic average price of the OKX TORN index over the one hour preceding delisting.
In cases where index data showed anomalies during this period, OKX reserved the right to adjust the final settlement price to a fair and reasonable level.
Funding Rate Adjustment
The funding rate at the moment of delisting was set to 0%, meaning no final funding payment or receipt occurred for that cycle. This eliminated last-minute balance fluctuations due to funding结算.
Post-Delisting Transfer Restrictions
For risk mitigation purposes:
- Users holding TORNUSDT perpetual positions valued at over $10,000 at delivery faced temporary restrictions.
- Asset withdrawals from their Trading Account were blocked for 30 minutes after delisting.
- After this window, transfer capabilities were fully restored.
Historical trade records and billing statements remain accessible via the Report Center on the OKX web platform. Users are encouraged to download relevant data for personal record-keeping.
Risk Control Parameter Adjustments
To prevent excessive volatility and manipulation near delisting, OKX implemented temporary adjustments to price limit rules for the TORNUSDT perpetual contract.
These changes affected how upper and lower price bounds were calculated based on the index price and recent premiums.
Adjusted Price Limit Schedule
Starting 48 hours before delivery, more stringent controls were gradually applied:
September 24 at 8:00 AM UTC (48 hours prior):
- Initial limits set at ±2% (X), with dynamic caps up to +5% / -5% (Z).
September 26 at 7:30 AM UTC (30 minutes prior):
- Tightened further to ±1% (X), with reduced dynamic ranges (Y=1%, Z=2%).
This tiered tightening helped stabilize order books during a sensitive phase and reduced the chance of unfair liquidations.
Note: OKX retained discretion to modify parameters if abnormal market conditions arose ahead of delisting.
4. TORN Savings Program: Auto-Redemption Enabled
With the discontinuation of margin borrowing, the TORN Savings product was also suspended.
Here’s what happened to user assets:
- New savings subscriptions for TORN were disabled.
- All existing holdings were automatically redeemed by the system.
- Proceeds were transferred back to users’ Funding Accounts after margin trading went offline.
No manual action was required for redemption — however, users were advised to verify receipt of funds and consider reallocating capital to alternative earning opportunities.
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Frequently Asked Questions (FAQ)
Q: Why did OKX decide to delist TORN?
A: While specific internal reasons aren’t always disclosed, delistings typically occur due to low liquidity, project inactivity, or risk management needs. This decision follows OKX’s official delisting guidelines aimed at maintaining platform health.
Q: What happened to my open spot orders for TORN?
A: All open spot orders were automatically canceled at 10:00 AM UTC on September 27, 2022. You should have closed positions manually beforehand to retain control over execution prices.
Q: Did I lose money if I held a margin position?
A: Not necessarily — but users with unpaid borrowings faced forced repayment. It was crucial to repay loans or close positions before the deadline to avoid collateral liquidation.
Q: How was the perpetual contract settlement price determined?
A: The final price was calculated as the arithmetic average of the OKX TORN index during the hour before delisting (8:00 AM UTC, Sep 26). Anomalies could lead to manual adjustments for fairness.
Q: Can I still access my TORN transaction history?
A: Yes. Historical orders, bills, and reports are available through the “Report Center” on the OKX website. Download your data promptly for long-term recordkeeping.
Q: Will TORN ever return to OKX?
A: There is no current timeline for relisting. Relisting depends on improved project fundamentals, renewed demand, and compliance with exchange standards.
Final Thoughts
The delisting of TORN from OKX’s ecosystem marks a significant shift for traders and investors who had exposure to this privacy-focused asset. While such transitions can create short-term inconvenience, they ultimately contribute to a safer, more sustainable trading environment.
Staying informed about exchange announcements allows users to act proactively — whether that means closing positions, withdrawing funds, or reallocating investments.
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By understanding deadlines, settlement mechanics, and risk controls, users can navigate delistings confidently and protect their digital assets effectively.