Inside JaiChai's Head: "MATIC: Delisting from PRIME XBT" - My thoughts
"MATIC: Delisting from PRIME XBT on 4 Sep, 2024"
(Pre-planned, simultaneous events or simply coincidence? You decide...)
Based in Victoria, Seychelles, PRIME XBT is a crypto exchange serving customers from around the globe.
However, since PRIME XBT is neither regulated, nor licensed; many countries have made PRIME XBT off-limits to their citizens.
A partial list of "restricted" countries includes: the United States, Japan, Canada, Cuba, Israel, Iran, New Zealand, Syria, North Korea, Sudan, United States of Minor Outlying Islands, America Samoa, Russian Federation, Myanmar, Saint Lucia, Puerto Rico, Guam, U.S. Virgin Islands, Northern Mariana.
For the complete, updated list of restricted jurisdictions, see: https://primexbt.help/en/articles/8583030-restricted-jurisdictions
Here's Coinbureau's take on PRIME XBT:
"PrimeXBT is a cryptocurrency exchange that offers leveraged trading for several digital assets, including Bitcoin, Ethereum, and Litecoin, among others. With advanced trading tools and a user-friendly interface, PrimeXBT is a popular choice for both novice and experienced traders seeking to profit from the highly volatile crypto markets..."
See full review at: https://coinbureau.com/review/primexbt/
Yesterday, 3 Sep, 2024, I received an email from PRIME XBT stating:
"MATIC to be delisted from our platform"
Details:
On September 4, 2024, we will delist all MATIC trading pairs, due to current market conditions.
The following trading pairs will be removed:
Global Markets: MATIC/USD
Crypto Futures: MATIC/USDT
Timeline:
September 4, 2024, 7:00 UTC (10:00 AM GMT+3 time): 'Close only' mode activated
September 4, 2024, 8:00 UTC (11:00 AM GMT+3 time): All positions closed
September 4, 2024, 9:00 UTC (12:00 AM GMT+3 time): Final delisting
We recommend closing your positions and cancelling any pending orders before these times.
Any remaining open positions will be closed at the last available price, and all pending orders will be cancelled.
Discover our platform to find more opportunities and markets that suit your trading strategy.
(end of email)
My take on PRIME XBT?
IMHO, the term "due to market conditions" is an ambiguous phrase - to say the least! Depending on who is spinning it, It could mean virtually anything.
Seriously, take your pick.
How about liquidity problems, for PRIME XBT, MATIC, both or neither of them?
The number of unique definitions for "due to market conditions" are only limited by the skill and imagination of those high-paid, high level PR men; you know the ones, they can craft and disseminate timely, important sounding "non-statements" faster than you can blow your whistle and throw down the bull$hit flag!
For me, it will take much more than a delisting by PRIME XBT, for me to change my MATIC positions.
OH, BTW...
Today, 4 Sep, 2024, MATIC officially becomes POL (Polygon) and the 1::1 token migration from MATIC to POL is now live.
Imagine that?
Submitted FYI.
May you and yours be well and loving life today.
In Lak'ech,
JaiChai
