In a special announcement earlier today, the team at the cryptocurrency exchange of KuCoin let the crypto community know that they planned on delisting the following tokens from the trading platform:
- EncrypGen (DNA)
- Publica (PBL)
- Raiden Network Token (RDN)
- Monetha (MTH)
- BlockMason Credit Protocol (BCPT)
- Gladius Token (GLA)
According to KuCoin, the projects related to the tokens have been disqualified based on existing requirements at the exchange. KuCoin has what is known as a Special Treatment Area where they first place projects at risk of being delisted.
Once a project is placed in the Special Treatment Area, it is kept under observation and its tokens can be delisted due to the following reasons:
- Low liquidity for a certain period of time
- Struggling or ceasing business activities for 3 months
- Insolvency, bankruptcy or other financial constraints
- Failing KuCoin audits
- Failure to submit update reports in accordance with the requirements of the exchange
- Likelihood of the project or team being dissolved
- Any act considered as malicious in the market
- Any other situation determined by KuCoin
- All deposits and pending orders will be stopped at 10pm (UTC + 8) today, the 22nd of November 2018. Therefore, all users of the platform trading the tokens are advised to cancel pending orders as soon as possible
- All trading pairs related to the six tokens will be closed at 2pm (UTC + 8) tomorrow, November 23rd 2018
- However, withdrawals will remain active for 12 months till 6pm (UTC +8) November 23rd, 2019
Users of the platform are urged to keep in mind the above delisting timeline as they continue to trade on KuCoin
Possible Effects to the Value of Each Token
As has been witnessed with previous delistings of tokens by Binance and OKEX, tokens affected by such activities by exchanges usually lose value in matter of hours or even minutes after the announcement. Perhaps this time round things will be different given that the market has been on a downward spiral for the past week or so. All major coins and tokens have experienced double digit losses in value over the same time period.
What are your thoughts on KuCoin planning to delist these tokens? Please let us know in the comment section below.
Disclaimer:This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.