KuCoin, one of the world’s leading cryptocurrency exchanges, has announced that it will delist 10 altcoins from its platform in order to promote compliance within the crypto exchange.
10 Altcoins To Be Stopped By KuCoin
According to KuCoin’s announcement, the 10 altcoins will be removed from the platform due to the altcoin’s failure to meet certain conditions. The crypto company has a specific set of rules known as the Special Treatment Rules.
The company stated:
According to the Special Treatment Rules of KuCoin, the following projects have been disqualified, and the tokens will be removed from the platform.
The purpose of the Special Treatment Rules is to guarantee that all projects that are listed adhere to the exchange’s quality and compliance criteria. This means the exchange is committed to providing safe and reliable cryptocurrencies for its users.
The decision will take place effective from today, November 24, 2023, at approximately 6:45 a.m. (UTC). Meanwhile, the altcoins will be officially terminated from the platform at 7:00 a.m. (UTC) same day.
As a result of the Special Treatment Rules review, the 10 altcoins below are expected to cease operation today:
(KAT), Sakura (SKU), Don-key (KDON), LOCGame (LOCG), Sienna (WSIENNA), Inflation Hedging Coin (IHC), Position Exchange (POSI), TE-FOOD (TONE), Pika Protocol (PIKA), and Karura (KAR).
The halting of these altcoins simply means that several related trading pairs will also be stopped. Therefore, the announcement also highlighted the several trading pairs that will also be removed from the crypto exchange today.
The several trading pairs listed below will no longer be available on the platform:
KAT/USDT, KAT/BTC, SKU/USDT, SKU/BTC, KDON/USDT, LOCG/USDT, WSIENNA/USDT, IHC/USDT, POSI/USDT, TONE/USDT, TONE/BTC, TONE/ETH, PIKA/USDT, KAR/USDT.
Closure Process Of These Altcoins
Following the announcement, the crypto firm has given a clear process of how these altcoins and trading pairs will be stopped. According to the platform, KuCoin’s trading bots will stop operating, including Spot Grid, Infinity Grid, DCA, Smart Rebalance, Martingale, and Futures Grid.
According to the exchange, the deposit service for these projects will remain closed for now. Meanwhile, withdrawals are expected to be closed on May 28, 2024.
The company further emphasized the necessity of users acting quickly to manage their assets in this transition. KuCoin has urged its users to terminate all pending positions related to the stated projects before the deadline to avoid complications.
Furthermore, the crypto exchange has asserted that late withdrawals might result in failed withdrawals. When this happens, KuCoin will close the withdrawal service and will be unable to cover users’ losses.
The platform stated:
Please also note that during this period, if withdrawal fails due to the project’s actions, including but not limited to stop of the function of on-chain activities like block generating and on-chain fund transfer, KuCoin will close the withdrawal service accordingly, and will NOT be able to cover users’ losses. Thus, please make the withdrawal at your earliest convenience.
KuCoin’s action goes beyond simply following corporate guidelines. It also illustrates a bigger pattern in the cryptocurrency space, where exchanges are mostly concentrating on legal and regulatory matters.
Featured image from Shutterstock, chart by Tradingview.com
