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 Commits to Open-Sourcing Its Forthcoming Blockchain

Huobi Group has announced that its new financial blockchain, Huobi Chain, will be fully open source. The public blockchain, announced in July and developed in concert with Nervos, will enable enterprises to deploy their own blockchains, decentralized financial services, and tokenized assets, with the code accessible via Github. The decision to immediately open source the code is sure to be welcomed by the thriving developer community, who will have an opportunity to contribute to the decentralized network’s development through building upon its architecture. With a testnet scheduled for Q1 2020, Huobi’s high-performance blockchain will be optimized for a raft of financial services and applications, potentially including lending services, stablecoins, and open finance. It will also offer multi-asset support and multi-and-sidechain architectures. The best performing of these may eventually appear on Huobi’s global exchange via its Prime token launchpad. Leon Li, founder, and CEO of Huobi Group said: “Since the start of this project, our goal was to create an inclusive ecosystem where all stakeholders from developers to regulators can collaborate and leverage the full potential of blockchain technology.” Exchange chains are all the rage Developers may draw parallels between Huobi Chain and Binance Chain, which launched in April and currently holds the largest share of the $80 million bitcoin sidechain market, with 9,001 BTC anchored to its blockchain. The community-driven blockchain of the eponymous crypto exchange, Binance Chain – like Huobi Chain – markets itself as a desirable launchpad for new tokenized projects. Although there are obvious similarities between the two, Huobi’s decision to open-source its project from the get-go is likely to throw some shade on Binance Chain, which is largely closed source, as bitcoiner Udi Wertheimer has been at pains to point out, recently reminding CEO Changpeng Zhao that “it’s been over 6 months since binance-chain release and there’s still no source code for the full node.”  OK sir but it’s been over 6 months since binance-chain release and there’s still no source code for the full node — UDI WERTHEIMER (@UDIWERTHEIMER) November 2, 2019 While other considerations such as security, speed, and ease of use will come into developers’ minds, Huobi Chain has turned heads with its announcement, which is likely to be viewed as aligning more closely with the original ideology of distributed networks. Huobi and Binance, not the only platforms to launch a new blockchain, incidentally. Just last week, South Korean crypto startup Bithumb announced its own chain. Like Huobi Chain, Bithumb Chain will allow users to build decentralized finance apps – and it’s also open source. The difference is that Huobi Chain is the first financial public chain to support regulatory nodes that let regulators contribute to the network as validators. As such, KYC and AML can be incorporated without impacting the ability to swap assets non-custodial. Competition between custom chains seems likely to intensify in the months and years ahead, particularly as DeFi projects proliferate. Success or failure, needless to say, depends on how many developers and teams build on the chains, improving and growing them incrementally. By fully open-sourcing its code, Huobi has issued a statement of intent. It will be interesting to see whether the news prompts Binance to belatedly follow suit. The post Huobi Commits to Open-Sourcing Its Forthcoming Blockchain appeared first on ZyCrypto.

Hot news

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