Major Changes in Crypto Exchanges: KuCoin Delists Unprofitable Coins and Huobi Sends Warning to 32 Low-Volume Coins

Major Changes in Crypto Exchanges: KuCoin Delists Unprofitable Coins and Huobi Sends Warning to 32 Low-Volume Coins

The extended bear market resulted to a number of altcoins receding value, as a consequence, KuCoin continues to remove altcoins that fail short in tradability from its listing and Huobi gives an ‘ST’ risk warning to a handful of coins in its platform; Upbit refutes manipulating trading volume

Cryptocurrency exchange KuCoin, by Phoenixfin Pte. Ltd., informs that beginning 21 December, 20:00 (UTC +8) no deposits can be made relating to the coins listed below. By 24 December, 18:00 trading pairs of the affected coins will be stopped. Withdrawals will be allowed only until 21 March 2019, 18:00 (UTC +8).

The 10 coins are BitClave (CAT), Bitcoin Gold (BTG), Bread (BRD), EthLend (LEND), Jibrel Network (JNT), Mobius (MOBI), and STK (STK).

Last month, altcoins BlockMason Credit Protocol (BCPT), EncrypGen (DNA), Gladius Token (GLA), and Monetha (MTH) lost the support of the exchange.

Huobi’s ‘ST’ Risk Warning

On 20 December, Huobi alerts 32 altcoins listed on its platform for having inadequate trading volume, and thus, posing a risk to its users. The exchange further states they will go through all coins in their listing to determine which token satisfies the description of ST based on ‘Article 16, Chapter IV Handling of Violations of the Rules’.

Altcoins warned by Huobi are AppCoins (APPC), BitCapitalVendor (BCV), BnkToTheFuture (BFT), Datum (DAT),  DigixDAO (DGD), EchoLink (EKO), Enigma (ENG), Everex (EVX), Gas (GAS), InvestDigital (IDT), Intelligent Investment Chain (IIC), Lunyr (LUN), MediShares (MDS), MyToken (MT), Metal (MTL), Medicalchain (MTN), Matryx (MTX), OST (OST), Propy (PRO), Quantstamp (QSP), QunQun (QUN),  Ripio Credit Network (RCN), Raiden Network Token(RDN), Rate3 (RTE), SALT (SALT), STK (STK), Tierion (TNT), UTRUST (UTK), WePower (WPR), XMax (XMX), ZJLT, and Zilla (ZLA).

Upbit Denies Allegations of Inflating Volume

Three executives from South Korea’s cryptocurrency exchange Upbit is accused of tampering with data to exaggerate trading volume in its platform. The fake transactions reach $226 billion, or 254 trillion won.

Upbit refutes the accusation stating that the supposed falsified transactions might be the internal transactions the exchange executed. The exchange explains that to stabilize their market they performed internal transactions to support the liquidity of their corporate account from 24 September until 11 December.

Related news

Huobi Exchange Hires Compliance Chief From Global Bank State Street

Huobi Exchange Hires Compliance Chief From Global Bank State Street Huobi, the third largest cryptocurrency exchange by monthly trading volume, has hired a senior professional from a major U.S.-based global bank. Revealed exclusively to CoinDesk, Elaine Sun Ye Lin, former head of compliance for the Chinese branch of State Street, joined the Singapore-based exchange as a… The post Huobi Exchange Hires Compliance Chief From Global Bank State Street appeared first on Altcoin Today.
Altcoin Today

Crypto Exchange Huobi Hires Former State Street Compliance Chief to Stay Regulatory Compliant

Last month, Huobi hired former State Street compliance chief Elaine Sun Ye Lin to serve as the global compliance director for the exchange. Sun served as State Street’s head of compliance for its Chinese branch. She has previous work experience at the Singapore-based OCBC bank. The new hire came around the same time Huobi reportedly laid off other members of its staff in response to the prolonged crypto bear market. The company said the layoffs were due to desires to “optimize” staff and ensure key markets could have proper support. Similar activity has taken place at mining giant Bitmain. The company said late last year it had to stay true to its “core mission” and focus on “hiring the best talent.” Huobi Group HR Director Fu Liting said Sun’s “expertise in compliance and in traditional financial markets will definitely be an asset to the company as we look to ensure our compliance and work with regulatory bodies.” Company officials indicated they hope Sun’s experience in working alongside global government bodies will benefit Huobi’s operations. Experts like CryptoRecruit’s Neil Dundon said the cryptocurrency world has experienced a steady inflow of experienced professionals from the IT and finance sectors. He noted the trend of bankers moving from traditional financial institutions to the crypto space “is reassuring as to where the future of this industry is headed.” In 2018 alone, the Coinbase cryptocurrency exchange onboard top executives like Brian Brooks from Fannie Mae, Chris Dodds of Charles Schwab, and Eris Scro from the New York Stock Exchange. Some characterized Dodds as a particularly big hire for Coinbase because of his status as a Charles Schwab Board of Directors member. Dodds, who joined the board in 2014, serves as the Chairman of the Risk Committee.
Bitcoin Exchange Guide

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.