OKX US to sell USD trading bot positions if users miss Sept 30 deadline
OKX US plans to cancel open orders and buying and selling bots left on affected greenback buying and selling pairs when it retires these order books on Sept. 30. Positions in Grid and Good Portfolio bots on the affected pairs may also be offered, the change says, making inaction doubtlessly expensive for merchants utilizing these methods.
In accordance with the US customer notice, the corresponding USDC pairs have been obtainable alongside the affected USD pairs since Sept. 23. Merchants have till the migration to cancel open USD-pair orders, cease these bots and recreate them on the USDC pairs. Orders and bots created on the alternative pairs through the parallel window will maintain operating afterward.
What the deadline modifications
OKX US says the outdated books will likely be retired between 3 and 4 a.m. Japanese time on Sept. 30, equal to 7 to eight a.m. UTC. All remaining orders and bots or automated trades on affected USD pairs will likely be canceled. OKX’s migration schedule says bots utilizing these pairs could shut steadily over that hour and the related USD pairs will likely be delisted at 8 a.m. UTC.
The cancellation has totally different penalties for the positions behind totally different bots. OKX says it is going to promote positions in Grid and Good Portfolio bots. Positions managed by DCA, Recurring Purchase and TWAP/Iceberg bots will likely be held after migration, though these bots will nonetheless shut. An computerized sale could incur buying and selling charges or slippage and produce a realized achieve or loss; the end result relies on a consumer’s holdings and execution.
The migration issues chosen USD buying and selling pairs, not each greenback market on the change. USDT-USD is exempt. OKX US says account balances, deposits and withdrawals are unaffected. The introduced gross sales concern the required bot positions reasonably than a broad sale of shoppers’ funds.
The change additionally doesn’t get rid of greenback funding for the consolidated guide. OKX US says customers will nonetheless be capable of place orders with USD, which is able to mechanically convert to USDC to entry the brand new liquidity. That distinction issues for merchants who assume a greenback steadiness itself should be exchanged upfront: the motion required beneath the discover is to maneuver affected open orders and bots to the corresponding USDC pairs.
For an affected dealer, ready till after the window means dropping the prevailing USD-pair order or bot reasonably than having it transferred mechanically. Transferring it through the parallel interval preserves management over when it stops and the way any Grid or Good Portfolio place is dealt with earlier than OKX’s scheduled closure.
