KuCoin, Singaporean crypto exchange will delist 10 cryptocurrency projects in lieu of it’s Special Treatment Rule framework. Hence, the guidelines have been put in place to ensure that only projects meeting certain criteria will find their place on the platform.
The exchange on it’s official site mentions that these assets will have deposit services halted at 20:00 (UTC+8) on December 21, 2018. Consequently, trading pairs for the cryptocurrencies will be halted at 18:00 (UTC+8) on December 24, 2018. Meanwhile, users can still withdraw delisted assets till 18:00 (UTC+8) on March 21, 2019.
The affected cryptocurrencies are as follows:
- Asch (XAS)
- Bread (BRD)
- BitClave (CAT)
- Mobius (MOBI)
- Jibrel Network (JNT)
- WePower (WPR)
- Modum (MOD)
- EthLend (LEND)
- STK (STK)
An excerpt from KuCoin’s Special Treatment statement reads:
The Exchange may, during the observation period, decide to delist the ST Project if the Exchange believes the ST Project fails to take necessary actions to remedy the Negative Situation. Nevertheless, the Exchange reserves the right, in its sole discretion and without prior notice, to immediately delist the ST Project if the Exchange believes circumstances warrant so.
The statement mentions that projects may be delisted if they are observed to have low liquidity for a certain period of time. Issues that can also disqualify a project from continued listing include-
Failure to inform the exchange of material changes
Failure to cooperate with the exchange for regular routine inspection
Deviations from project whitepapers
Lack of progress communication on the project’s website
Misleading or untrue information disclosure.
Other plausible deal breakers include project insolvency, involvement of project team members in questionable activities and investigations regarding illegal activities, wash trading, insider trading and market manipulation. Likewise, any other situation that the platform deems risky for its customers or its reputation.
TCU reported on September 10, According to a report released by the Australian Financial Review, KuCoin has invested AUD $3 million into Bitcoin Australia, which is a domestic exchange that allows Bitcoin trading along with Ethereum buying.
Consequently, the investment will allow KuCoin to penetrate the Australian market with an enhanced focus on the upper echelon of investors. Likewise, using its recently acquired finances, Bitcoin Australia will expand its efforts into the global retail investor territory. Since its inception in the year 2015, Bitcoin Australia has expanded its reach into countries such as Canada and Netherlands.