Polymath (POLY) to be Dropped by KuCoin
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.
Polymath is based out of Toronto, and was founded in 2017. Since inception, Polymath has gone on to be one of the companies most synonymous with digital securities.
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.
KuCoin typically resides around the 75th largest cryptocurrency exchange in the world. Company operations have been overseen by CEO, Michael Gan, since KuCoin launched in 2017.
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.
Security Token Platform, Polymath (POLY), Listed on Growing Number of Exchanges
LeadBest and Polymath form Partnership to create Security Token Ecosystem