Margin Services for XTZ-BTC, XLM-BTC, VET-BTC, and BUSD Will Be Temporarily Closed
08/30/2023, 18:50:42
Dear KuCoin Users,
To enhance users’ Margin experience, KuCoin will temporarily close the Cross Margin services for XTZ-BTC, XLM-BTC, and VET-BTC trading pairs and the Margin services for BUSD.
Meanwhile, we strongly recommend users to cancel their open orders for XTZ-BTC, XLM-BTC, and VET-BTC trading pairs.
Moreover, users should cancel their open orders, close positions, repay loans, and transfer BUSD from their Margin account to other accounts in advance.
Details:
1. At 07:00:00 on September 13, 2023 (UTC), the system will cancel all open orders for XTZ-BTC, XLM-BTC and VET-BTC trading pairs, and the Cross Margin services for these trading pairs will be closed.
To avoid asset losses, it is recommended to cancel the open orders for given trading pairs in advance!
2. At 08:00:00 on September 13, 2023 (UTC), the closure of BUSD-USDT Margin trading services, lending, and borrowing services will take place. The function of transferring BUSD into an Isolated Margin account, and repayment of the loans will also be underway. (The function of transferring BUSD out from Margin accounts will not be affected).
If users have BUSD loans in their Margin accounts, the system will cancel all open orders of BUSD, activate the liquidation process to close the BUSD positions and repay the loans before transferring all assets left off of the Isolated Margin accounts of BUSD-USDT to the Main account.
For API users, please make sure you have canceled the subscription to the Index Price and Mark Price of BUSD.
*If the price of BUSD fluctuates sharply, the delisting process may be initiated in advance. To avoid asset losses, it is recommended to control the debt ratio and transfer BUSD out from the users’ 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 support!
The KuCoin Team
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