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.

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A market maker for CME and Huobi just raised a $7 million seed round from Polychain Capital, aiming to address the growing demand for cryptocurrency liquidity from institutional traders.  Altonomy, a Singapore-based market maker, is said to connect with more than 60 cryptocurrency exchanges and OTC desks around the globe and trade over 250 cryptocurrencies. Besides providing liquidity to spot and derivatives exchanges, it also works with stablecoins including USDC, Tether, TrueUSD, and Paxos Standards.  "We are proud of our ability to source liquidity for customers, regardless of token type, order size, market cap, or whether the asset trades on centralized or decentralized exchanges,” said Altonomy co-founder Ricky Li in a statement.  Li told The Block that the company has witnessed an influx of institutions entering the crypto market recently. Indeed, as the crypto market matures and more liquidity pours into the space, Wall Street giants such as Fidelity, Goldman Sachs, and JPMorgan are all testing the cryptocurrency trading waters. Goldman Sachs recently built a new digital asset arm that is said to rival JPMorgan’s digital asset JPMCoin, while Fidelity is strengthening its own digital asset team to gear up for a reported launch of bitcoin trading. These large legacy players may pose substantial competition to the one-year-old company, although Li believed that there is still space for Altonomy to grow.  "They (companies like Goldman Sachs and Fidelity) are mostly in bitcoins, but most of our volume goes to other coins," said Li. "These are the tokens that actually need a deep understanding of the cryptocurrency and blockchain technology, as well as a network of the actual crypto players...We are attracting different customers."  Meanwhile, the upswing in bitcoin derivatives trading volumes also signals institutional traders’ growing interest in cryptocurrencies. CME’s bitcoin futures are trading at all-time highs two months in a row, reaching a record $1.7 billion in notional value traded in late June. In addition, 950 new trading accounts have been created on CME in 2019 so far, a 30% increase from last year.  Altonomy is counting on its partnership with Polychain Capital, a noted name in the blockchain space, and the newly raised fund to help strengthen its market presence among institutions and expand its cryptocurrency inventory.   "It [having a large inventory] gives us a lot of comforts and expands our trading universe," said Li. 
The Block Crypto Compares Favorably Against Top Exchanges Binance, OKEx and Huobi

15th July, Singapore, Singapore – The numbers are in and fast-growing exchange is proving it is no flash in the pan. According to official reports,’s revenue figures in the second quarter exceeded USD 15 million, which is a 500% increase when compared to figures from the first quarter. This works out to one-eighth of leading exchange Binance’s reported Q2 revenues. BiKi’s June trading fees is also currently 20% of OKEx’s. Its total registered users have now reached 1.5 million, with 130,000 daily active users, numbers which are comparable to top tier exchanges like Huobi. The trading platform now provides 220 trading pairs and ranks amongst the top 20 on exchange ranking sites such as Feixiaohao and Mytoken. has continued to forge an impressive progression since it began in June 2018 and this has attracted investments of nearly USD 10 million the past year from investment institutions and individuals the likes of Du Jun, Zhu Huaiyang (Genesis Capital), FBG Capital, and ChainUp. Cryptocurrency exchanges generally operate within an extremely competitive environment and many exchanges undertake wash trading to maintain their competitive edge. claims it does not practice wash trading and attributes its success to two factors – project selection and how it gains and retains market share. Project Selection BiKi adopts an astute set of criteria when choosing projects to list and one of them requires that all listed projects have strong communities of token holders behind them. This is contrary to cryptocurrency exchanges who charge high listing fees and then have to rack their brains to bring in users to trade. As was the case with FCoin Exchange, the “Transaction Mining” mechanism devised by its team did indeed attract a huge user base within a short period of time. However, once the dividend period was over, it was simply a matter of time before its user base had all but dissipated.  BiKi chooses its projects wisely – listed projects on BiKi have large communities and frequent traders who possess diverse assets. Additionally, BiKi already has 5 Wechat community leaders with over 1 million followers who are community token holders and over 10 Wechat community leaders with over 100,000 followers, which contribute to 80% of the exchange’s traffic volume. By leveraging on the strengths of its projects and BiKi’s own strong Wechat communities, BiKi has managed to carve out a fast track to gaining liquidity and trading volume. BiKi’s strategy of maintaining long term relationships with venture capitalists and investors ensures that BiKi has opportunities to either list top tier projects on a moment’s notice, or be the first exchange to list a certain project. As a result, BiKi’s users have access to a wide variety of high quality tokens to trade –  clearly a factor why BiKi has emerged as the industry dark horse. Conversely, projects who list on BiKi see the exchange as a stepping stone to gain a new level of recognition in the industry. Listing on BiKi has become somewhat of a yardstick measure of project quality, aided in no small way by BiKi’s 130,000 daily active users who organically generate demand for their tokens. Gaining and Retaining Market Share   The sustainability of an exchange is actually not dependent on its current profitability, but on its ability to retain its users and effectively recruit new ones. BiKi was the first exchange to acquire users through its ‘community fission’ model, which is a way of scaling communities using recommendations from present users to attract more users. Blockchain projects cannot succeed without strong communities, and the network dynamics BiKi uses to acquire users are one of its core competitive advantages. Presently, BiKi has more than 200 official community groups, more than 100,000 community members, and is still growing at a rate of 300 new members per day. Using its “Community Partners Programme” to attract new users daily, BiKi currently has over 1000 Community Partners and is increasing at a rate of 30 per day. BiKi’s targeted 10,000 Community Partners within 2019 is estimated to bring with them 500,000 new users to the exchange. Similar to Chinese e-commerce platforms Yunji and Pinduoduo, BiKi’s Partner Program rewards Community Partners who introduce more active users to the platform. The ‘community fission’ model shifts the responsibility of customer acquisition to present customers themselves and its inherent network dynamics builds a base of new users that continues to ‘grow’ other users. What is important to note, though, is that despite the program restricting the network to only two tiers of membership, the efficacy of this model speaks for itself – BiKi has managed to amass 130,000 daily active users and USD 15 million in Q2. During a bear market, acquired 1.5 million registered users on the exchange, setting an industry precedent in user acquisition. BiKi’s strong base of relationships and users provides a clear value proposition that projects can tap into to reach their milestones. The exchange continues to welcome projects to join the growing community of choice projects currently listed on About Headquartered in Singapore, is a global cryptocurrency exchange that provides a digital assets platform for trading more than 100 cryptocurrencies and 220 trading pairs. Since beginning operations in June 2018, is considered one of the fastest-growing cryptocurrency exchanges in the world with an accumulated 1.5 million registered users and 130,000 daily active users, ranking within the top 20 exchanges globally. The post Compares Favorably Against Top Exchanges Binance, OKEx and Huobi appeared first on Bitcoin Garden.
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