KuCoin is delisting CoinMeet token

CoinMeet hasn't met listing requirements for 2018 and on May 4 KuCoin will completely delist it
17 April 2018   450

KuCoin has announced it is going to delist CoinMeet token on May 4. Despite the obvious pun, CoinMeet failed to meet the listing requirements of KuCoin for 2018 so the exchange is unable to list the project at this moment. MEE holders will be receiving CoinMeet tokens from KuCoin. The distribution time will be announced separately.

The details of delisting are as follows:

  • All pending orders will be shut off for MEE at 18:00 (UTC+8) April 16, 2018.
  • For better management of your funds, KuCoin recommends that you cancel your pending orders of MEE, as soon as possible.
  • MEE/BTC and MEE/ETH trading pairs will be closed at 18:00 (UTC+8) April 17, 2018.
  • Withdrawals of MEE tokens from KuCoin will continue to be supported until 18:00 (UTC+8) on May 4, 2018
  • If you are currently holding MEE please make your withdrawal on or before the closing date above.

At the moment of publication, the market characteristics of CoinMeet are as follows

  • Average price: $0.036860
  • Market cap: $12,532,468

Kucoin to sent Unefficient Tokens for a Timeout

Kucoin exchange has devised a new method of dealing with underperforming tokens: inspite of being delisted, the tokens will be sent to a “special treatment area”
04 May 2018   304

Once placed on the token equivalent of the naughty step, they will be given an  opportunity to buck up or risk being permanently removed. Cryptocurrency that display a low trading volume can expect placement in a special treatment (ST) area by Kucoin.

As well as tokens whose team run into legal difficulties or go AWOL. It’s the first step towards delisting, though assets will get a chance to earn a reprieve. Coins that are moved to the ST zone will have a special mark giving the traders notice that there’s a risk of removal.

Kucoin’s new policy has been supported by many traders, as it adds transparency and provides warning of assets that can be purged. A number of exchanges delist coins at short notice and with little or no explanation. 

Kucoin named 8 reasons why a token may be moved to ST area. Among them:
1. Negative Trading Volume for some period of time.
2. Stop of business activities for 3 months.
3. In liquidation, insolvent, bankrupt or otherwise subject or in a position to become subject to bankruptcy proceedings.
4. Negative views by the company auditor.
5. Inability to submit the updates reports in accordance with the requirements of the Exchange in terms of project development, status of the team and status of listing entity for a consecutive certain period of time.
6. The team of the project is seemed to be fired.
7. Any act supposed as malicious operation to the market.
8. Any other situation as determinate by the Exchange from time to time.

During the resent few months Kucoin is being adding tokens faster than any other major exchange. It is probably caused by the platform’s willingness to accept virtually any token that it now finds itself having to remove the worst performers.