Kucoin, a cryptocurrency exchange based in Singapore, has announced they are delisting 10 cryptocurrency projects. The 10 cryptos will be delisted based on certain criteria they fail to meet as part of Kucoin’s Special Treatment Rule framework. The exchange outlined their timeframe for the halting of deposits, trading, and withdrawal of the 10 assets.
In an article at CCN, they report that the 10 cryptocurrencies will officially become halted on the exchange as of 18:00 (UTC +8) on December 24, 2018. Deposits were already halted back on December 21, while withdrawals will remain in effect for the assets until March 21, 2019, at 18:00 (UTC +8).
The 10 crypto assets that are being delisted include Asch (XAS), Bread (BRD), BitClave (CAT), Jibrel Network (JNT), and EthLend (LEND). Also announced as delisted are Mobius (MOBI), Modum (MOD), STK (STK), and We Power (WPR). These cryptocurrencies are delisted due to failing to meet certain liquidity, market conduct, security, roadmap adherence, and project solvency requirements.
As KuCoin mentioned in their statement about the delisting, the projects they delist might be ones that display low liquidity over a certain period of time. In addition, if the crypto project has ceased operations for three months, that can also bring about a listing. There are other factors that can cause a project delisting such as insider trading, market manipulation, or if the crypto project’s team is involved in “questionable activities.”
The news of the 10 cryptocurrencies arrives as the crypto market as a whole has been in a decline over the past year. On Christmas Day, Bitcoin had been holding steady at over $3,700 after previously topping $4,000 over the past several days.
As of this report, the KuCoin exchange is ranked at No. 53 overall in terms of cryptocurrency exchanges by adjusted trade volume. The exchange has an adjusted volume of nearly $24,600,000 in the past 24 hours.
A report last month via CCN indicated that the exchange is looking to grow their Asia-Pacific footprint through expansion efforts. They just finished a new Series A funding round for $20 million with Neo Global Capital, IDG Capital, and Matrix Partners leading the way.
