The cryptocurrency exchange of KuCoin has announce that it will be delisting 10 digital assets according to its ‘Special Treatment Rule’. The rule is focused on crypto projects and coins that fail to meet certain criteria according to KuCoin. Deposits of the 10 digital asset will be closed for those assets on December 21st, at 8pm (UTC + 8).
Here’s the list of the digital assets that will be removed from KuCoin:
- Jibrel Network (JNT)
- WePower (WPR)
- Modum (MOD)
- EthLend (LEND)
- STK (STK)
- Asch (XAS)
- Bread (BRD)
- BitClave (CAT)
- Mobius (MOBI)
- Bitcoin Gold (BTG)
The exchange also informed its customers that trading pairs associated with the 10 digital assets will be closed on the 24th of December, at 6pm (UTC + 8). Users of the platform are advised to cancel pending orders related to the digitial assets as soon as possible.
Withdrawals of the affected cryptocurrencies, will continue to be supported until March 21st, 2019, 6pm (UTC + 8). Users are advised to plan ahead of time by withdrawing the affected coins before the March deadline.
What’s the criteria for delisting an asset on KuCoin?
KuCoin has what is known as a Special Treatment Area where they place projects at risk of being delisted due to the following criteria.
- Low liquidity for a certain period of time
- Struggling or ceasing business activities for 3 months
- The project fails to inform KuCoin of its material changes
- Failure of a project to cooperate with KuCoin for regular routine inspection
- Existence of a security issue in the project’s technology
- Project’s development not in line with the roadmap promised on the whitepaper, and no regular updates by the team on changes
- The project’s information disclosure is incomplete, misleading or untrue
- The project is insolvent, in the process of liquidation, bankruptcy, insolvency or similar financial constraints
- The project or its team member (including but not limited to founders, consultants) is under investigation for a suspected breach of or is convicted for an actual breach of any applicable laws, statutes and regulations
- The project carries out market misconduct such as wash trading, market manipulation or insider trading
- Any other situation KuCoin may deem risky for its users or platform
The bigger picture
A month ago, KuCoin delisted 6 other digital currencies. They were: EncrypGen (DNA), Publica (PBL), Raiden Network Token (RDN), Monetha (MTH), BlockMason Credit Protocol (BCPT) and Gladius Token (GLA).
Even though a lot of people will be unhappy with KuCoin delisting assets, it’s actually a good way to KuCoin to remain their reputation in the long run especially with all the news about exchanges pumping up “fake volume” trades/water washing and more.