KuCoin Delists 6 Tokens, All Activities On The Coins Will End Immediately
KuCoin Will Delist 6 Tokens, All Activities On The Coins Will End On November 22
In a special announcement made a short while ago, the KuCoin exchange team made it known to the crypto world that they will delist six tokens from the platform. These tokens are:
- Publica (PBL)
- EncrypGen (DNA)
- Monetha (MTH)
- Raiden Network Token (RDN)
- Gladius Token (GLA)
- BlockMason Credit Protocol (BCPT)
Reasons For Delisting
KuCoin claimed that the project connected to these tokens were disqualified based on various requirements established at this exchange. KuCoin uses a Special Treatment Area where projects are placed when they are at risk of being taken off the platform. Once a project goes into this area, it is closely monitored and the token could be taken off due to:
• Struggling or non-existent business activity in the last three months
• Low liquidity for a set period
• Bankruptcy, insolvency or other financial problems
• Failing to submit an update reported in accordance to KuCoin requirements
• Failing an audit by KuCoin
• Any act that is malicious to the KuCoin exchange
• A high chance of the project team disbanding
• Any other situation that might be determined by the KuCoin
During the observation, KuCoin can delist a project id it feels that a project has not taken any step to remedy the reasons that have necessitated an observation. No matter the case, the exchange has the sole right without any notice; to delist a token it believes the conditions necessitate it.
Once a token is delisted, all trading and activity will be suspended. The exchange makes it a point to inform traders that a token has been suspended. Tokens that are delisted can go through the approval procedure again, which will be used if it can come back. KuCoin makes it clear that these rules are not set in stone. It can choose to modify them without informing the token owners. Those who wish to get more details need to get in touch with the management team.
All pending orders and deposits will cease on November 22 at 10 PM (UTC+8). Thus, all users who use KuCoin are advised to cancel any of their pending orders as soon as they can. Trading pairs for all the tokens mentioned above will shut down on November 23 at 2 PM (UTC+8). After the shutdown of these coins, withdrawals will still be possible for the next 12 months. After November 23 at 6 PM (UTC+8), all withdrawal support will cease. All users should disentangle themselves from these coins as a soon as they can.
The Impact On The Value Of Tokens
In the past, when a token is delisted, it often loses a lot of its value in just hours or minutes. This was the case for tokens delisted by OKEX and Binance. However, this time things might be different given the current market conditions. In this period, all the leading tokens have seen losses in double digital percentages. While the crypto market has often been unpredictable, it is even more unpredictable right now.