KuCoin has announced the delisting of Ethereum Classic (ETC) from the margin market. The cryptocurrency exchange cites the recent instability in the ETC network as the reason to delist the coin. None of the ETC trading pairs will be accessible for margin trading starting at 18:00 on August 8, 2020 (UTC+8).
“Due to the instability of the current ETC network and to ensure users’ margin trading experience is not negatively affected, KuCoin will delist the ETC trading pairs from the Margin market,” tweeted KuCoin.
Delisting of ETC in the KuCoin platform will inevitably affect the experience of margin traders. Lending and borrowing will be halted at 18:00 on August 8, 2020 (UTC+8), too. But repay will not be impacted, according to KuCoin.
So, traders won’t be available to auto-borrow ETC, but the platform will continue counting the interests. Those who have borrowed ETC have to repay their debts per previous guidelines. None of the new policies will affect ETC transferring, either.
The recent decision from KuCoin to delist ETC will only affect the margin market. Traders can still spot trade the Ethereum Classic token. Anyway, it doesn’t seem many users are interested in trading, due to the fear of the current reliability issues. The new guidelines and Margin market delisting will affect their trading decisions, too.
Another vital notice from KuCoin points to the ETC trading market. The crypto exchange warns traders to cancel their pending orders:
Open orders cannot be operated after delisting until liquidation. For better management of your funds, we recommend that you cancel your pending orders for these tokens as soon as possible.
Ethereum Classic Under Serious Stability Pressure
Ethereum Classic network is experiencing a tough time regarding stability and security attacks. Coinfomania reported a 51% attack on August 1, as the network difficulty rose significantly. But the development team said the network difficulty increase has happened because of network maintenance. They asked exchanges and other services to pause deposits temporarily.
A few days later, another attack was reported with the attacker this time reportedly making away with 807,260 ETC (appr.$5.6 million) through double-spending.
The recent delisting of ETC from the margin market on KuCoin may cause other exchanges to follow suit in a bid to protect customers, at least until the developers fix the stability issues.
