The Margin Services of MATIC Will Be Temporarily Closed!
08/28/2024, 19:37:23
Dear KuCoin Users,
Due to the token swap of Polygon (MATIC) to Polygon (POL), KuCoin Margin will temporarily close the Margin services of Polygon (MATIC).
Meanwhile, to protect users’ assets, we strongly recommend that users cancel open orders, close positions, repay loans, and transfer the afore-mentioned tokens from the Margin accounts to other accounts in advance. (Including Cross Margin and Isolated Margin)
At 02:00:00 on September 4, 2024 (UTC), the Margin trading, lending, and borrowing services of the MATIC/USDT tokens' will be closed. Additionally, the transferring functions for the Margin accounts related to MATIC, as well as loan repayment, will also be closed.
If users have MATIC loans in their Margin accounts, the system will cancel all open orders of MATIC, initiate the liquidation process to close the MATIC positions, and repay the loans. Subsequently, it will transfer all MATIC in the Cross Margin account and all assets of the Isolated Margin accounts of MATIC/USDT, MATIC/USDC left behind to the Main account.
Notes:
1. Please transfer the MATIC assets out from your Cross Margin account in time to avoid affecting the debt ratio of your Cross Margin position, which may result in liquidation.
2. For API users, please make sure you have canceled the subscription to the Index Price and Mark Price of MATIC.
3. If the price of MATIC fluctuates sharply, the delisting process may be initiated in advance. To avoid asset losses, it is recommended to control the debt ratio and transfer MATIC out from your Margin accounts in advance!
Risk Warning: Margin trading refers to the practice of borrowing funds with a relatively lower amount of capital to trade financial assets and obtain bigger profits. However, due to market risks, price fluctuations, and other factors, you are strongly recommended to be prudent about your investment actions, adopt an appropriate leverage level for Margin trading, and properly stop your losses in a timely manner. KuCoin assumes no responsibility for any losses arising from the trade.
We apologize for any inconvenience caused and appreciate your patience.
Thanks for your understanding and support!
The KuCoin Team
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