In a recent announcement, KuCoin has informed its user base that it will be delisting various tokens from its platform. Among those being delisted are POLY. These are tokens native to digital security platform, Polymath.
Users of KuCoin have been informed that trading activity supporting these tokens will cease on February 3rd. For those that find themselves with coins being stored on the platform, KuCoin will facilitate withdrawals until May 3, 2019.
If you are reading this, and you have POLY tokens on KuCoin, remove your tokens while you still can.
Special Treatment Rule
The decision to delist POLY, along with various other tokens, comes after each was put on a type of probation. Otherwise known as the ‘Special Treatment Rule’. KuCoin lists 11 reasons why a token may find themselves put on probation, with the threat of being delisted. Here is an excerpt from their explanation of the Special Treatment Rule.
- Low liquidity for a certain period of time
- The project ceases or is likely to cease its operation or business activities for 3 months
- The project fails to inform KuCoin of its material change(s)
- Fails to cooperate with KuCoin for regular routine inspection
- There is a security issue about the project’s technology
- The project development is not carried out according to the roadmap planned in
the white paper, and there is no announcement of the progress on the project’s official website
- The project’s information disclosure is incomplete, misleading or untrue
- The project is insolvent or a step, order or proceeding for liquidation,
bankruptcy, insolvency or similar is taken, made or commenced against or in
relation to it or any material part of its assets
- The project or its team member (including but not limited to founders and
consultants) is under investigation for a suspected breach of, or is convicted for
an actual breach of, any applicable laws, statutes and regulations
- The project carries out market misconduct such as wash trading, market
manipulation or insider trading
- Any other situation KuCoin may deem risky for its users or platform.
While it is unclear which of these situations Polymath found themselves in, they find themselves getting delisted nevertheless.
Above all, Polymath works to provide the services needed for companies to launch their own security tokens. The company remains flexible in their offerings, through the use of multiple variants of the ERC-1400 token standard – each variant being tailored towards a specific sector.
In Other News
Don’t let this article overshadow the progress that Polymath has been making in multiple months. Polymath recently found themselves being listed on both Bithumb and Poloniex, despite getting delisted from KuCoin. In addition, we recently detailed a partnership formation between Polymath and LeadBest. For more information on each of these events, check out the articles below.
SIX Acquires Stake in daura – SDX Exchange
A Strategic Advantage – SDX Exchange
Boerse Stuttgart Subsidiaries to Benefit from Investment by SBI Holdings
It is fair to say that SBI Holdings has decided to go all-in on blockchain based endeavours as of late. This has been made evident through various high profile investments. The most recent of which include Ripple, Securitize, and now Boerse Stuttgart – the latter of which we will discuss here today.
In an effort to usher in higher levels of adoption surrounding digital securities, SBI Holdings has invested in multiple branches of the Boerse Stuttgart group.
- Boerse Suttgart Digital Exchange
- Boerse Stuttgart Digital Ventures
Plans Moving Forward
In their announcement, it is clear that the rationality behind this new partnership is geared around global expansion. With SBI Holdings operating within Japan, and the various branches of the Boerse Group operation throughout Europe, the pair should find the partnership mutually beneficial.
Beyond simple expansion, the pair of companies closed out their announcement by elaborating on their plans. They stated,
“The SBI Group and the Boerse Stuttgart Group are partners in the digital asset business in Asia, including Japan, as well as in Europe. We will work together to build a global digital asset finance ecosystem utilizing blockchain.”
Upon announcing these investments, representatives from each, SBI Holdings and Boerse Stuttgart, took the time to comment. The following is what each had to say on the matter.
Yoshitaka Kitao, CEO of SBI Holdings, states,
“Due to the decentralized nature of digital assets, it is our top priority to find globally suitable partners to build our digital asset ecosystem. The SBI Group, with its trading platform for digital assets and other relevant companies, will make full use of the cooperation with the Börse Stuttgart Group to respond to the global customer interest in digital assets.”
Alexander Höptner, Chairman of the Management Board of Boerse Stuttgart GmbH, states,
“Asia and Europe are currently the fastest growing markets for digital assets. With the SBI Group, we have found an ideal partner to realize our vision of an efficient, global ecosystem along the value chain of digital assets. In addition to the exchange of knowledge and technology, the collaboration also covers the issuance, listing and trading of digital assets across borders, as well as brokerage services and building the first global bridge for custody.”
The Boerse Stuttgart Group consists of various branches such as Boerse Stuttgart Digital Exchange, and Boerse Stuttgart Digital Ventures. These two branches, in particular, have a focus on blockchain based endeavours, including the eventual creation of a secondary marketplace for digital securities.
An acting subsidiary of SBI Group, SBI Holdings, was launched in 1999. The company maintains headquarters within Tokyo, Japan, where they seek out, and establish, strategic partnerships with high potential companies.
CEO, Yoshitaka Kitao, currently oversees company operations.
In Other News
In recent months, each of the companies discussed here today have found themselves in our news feed. Whether launching a digital exchange, or making strategic investments, both companies have been quite active. The following articles are just a couple discussing recent moves by both.
DX.Exchange Goes Bankrupt – CX Technologies Ltd
Additionally, a host of suppliers have taken suit against the company. These suits run the gambit from unpaid bills to the alleged fraud. The well-known cybersecurity firm, White Hat Ltd is one of the company’s claiming losses due to DX.Exchange actions. Another lawsuit lists Bee2See Dotan B.S. Solutions. This is the firm that handled DX.Exchange targeted marketing. Even the company supplying the servers never got paid – Malam Team.
Writing on the Wall – DX.Exchange
Employees and suppliers knew to take action earlier in the month after the firm closed its doors unexpectedly. At the time, DX.Exchange owner Pinhas Patarkazishvili cited the rising costs and dwindled profits the exchange had left. He told employees that he was searching for a merger or acquisition and if that he was unsuccessful, the company would permanently cease operations.
Security Tokens on the DX.Exchange
Will Employees and Affiliates Get Paid?
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