Singaporean crypto exchange KuCoin has announced the delisting of 10 cryptocurrency projects under its Special Treatment Rule framework designed to ensure that only projects that meet and maintain certain criteria are listed on the platform. In an announcement posted on its official website on December 21, the exchange revealed that the affected digital assets will have deposit services halted at 20:00 (UTC+8) on December 21, 2018.
Following this, trading pairs for the delisted cryptocurrencies will be halted at 18:00 (UTC+8) on December 24, 2018. Users will still be able to effect withdrawals of the delisted assets until 18:00 (UTC+8) on March 21, 2019.
KuCoin Special Treatment Rule
The affected cryptocurrencies are as follows:
- Jibrel Network (JNT)
- WePower (WPR)
- Modum (MOD)
- EthLend (LEND)
- STK (STK)
- Asch (XAS)
- Bread (BRD)
- BitClave (CAT)
- Mobius (MOBI)
According to the announcement, the decision to delist the assets was made after completion of the latest phase of observation under the platform’s Special Treatment framework which exists to ensure that all listed cryptocurrencies meet certain minimum requirements regarding liquidity, roadmap adherence, market conduct, security and project solvency among other criteria.
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.
According to the statement, projects may be delisted if they are observed to have low liquidity for a certain period of time or if they cease operations for a period of three months. 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, security failings, deviations from project whitepapers, lack of progress communication on the project’s website, and incomplete, misleading or untrue information disclosure.
Other issues listed as deal breakers include project insolvency, involvement of project team members in questionable activities and investigations regarding illegal activities, wash trading, insider trading, market manipulation and any other situation that the platform deems risky for its customers or its reputation.
Last month, CCN reported that KuCoin successfully completed a $20 million Series A funding round led by IDG Capital, Matrix Partners and Neo Global Capital as it seeks to boost expansion efforts following its $3 million investment in Bitcoin Australia as it seeks to grow its footprint across the Asia-Pacific region.