KEY POINTS
- KuCoin delisted 10 altcoins, including Kambria, Sakura and Don-key
- The move comes after the SEC filed a lawsuit against crypto exchange Kraken earlier this week
- The SEC had classified 16 crypto assets as securities in its lawsuit against Kraken
KuCoin has announced the delisting of 10 altcoins, signaling a significant move in its efforts toward regulatory compliance.
This comes less than a week after the Securities and Exchange Commission (SEC) sued U.S.-based centralized crypto exchange platform Kraken for allegedly operating as a securities exchange without registering with the regulator.
The delisting, which takes effect from Friday, is a bold move as it reflects the exchange's commitment to its Special Treatment Rules, which disqualifies the affected tokens and essentially removes them from the platform.
The delisted tokens include Kambria (KAT), Sakura (SKU), Don-key (KDON), LOCGame (LOCG), Sienna (WSIENNA), Inflation Hedging Coin (IHC), Position Exchange (POSI), TE-FOOD (TONE), Pika Protocol (PIKA) and Karura (KAR).
KuCoin also removed several trading pairs from its listing, including KAT/USDT, KAT/BTC, SKU/USDT, SKU/BTC, KDON/USDT, LOCG/USDT, WSIENNA/USDT, IHC/USDT, POSI/USDT, TONE/USDT, TONE/BTC, TONE/ETH, PIKA/USDT, KAR/USDT.
Users are advised to cancel their pending orders as soon as possible since the withdrawal service will be closed on May 28, 2024, KuCoin said.
"If you are currently holding the relevant tokens, please make your withdrawal on or before the closing date above. If you did not withdraw the funds within the specified time period, you are deemed to have given up the funds and will have no rights to claim back the funds or any other equally valued products from KuCoin," the Seychelles-based exchange said.
"To avoid any potential losses, we highly recommend that you watch for updates on the KuCoin Delistings special page. You may also find the planned closing times for trading, deposits, and withdrawals of all delisted tokens apart from the announcements," KuCoin added.
The SEC classified 16 crypto assets as securities in its lawsuit against Kraken on Monday.
In the court filing, the SEC identified Cardano (ADA), Axie Infinity (AXS), Algorand (ALGO), Cosmos (ATOM), Chiliz' CHZ, COTI, Dash (DASH), FIL, FLOW, ICP, Decentraland's MANA, Polygon's MATIC, NEAR, OMG, Sandbox's SAND and Solana (SOL) as "crypto asset securities."
BREAKING: 🇺🇸 SEC has charged Kraken for operating as an unregistered securities exchange in offering 16 crypto securities such as Solana, Cardano & Algorand. pic.twitter.com/ns5Po2l4RF
— Bitcoin Archive (@BTC_Archive) November 20, 2023
The regulator, in another lawsuit against Binance in June, declared more than 60 crypto assets as securities.
The SEC alleged at the time that 10 popular crypto assets like ADA, SOL, MATIC, Binance Coin (BNB), Binance USD (BUSD), ATOM, SAND, MANA, AXS and COTI were unregistered securities.
The financial watchdog also classified Ripple (XRP), LBRY Credits (LBC) and ALGO as securities in a lawsuit filed against crypto exchange Bittrex in April.
