The Margin Services of PEPE2 & CATS Will Be Temporarily Closed!
Dear KuCoin Users,
KuCoin will temporarily close the Margin services for Pepe2.0 (PEPE2) and CATS (CATS).
To protect users' assets, we strongly recommend that you cancel open orders, close positions, repay loans, and transfer the aforementioned tokens from your Margin account to other accounts in advance (PEPE2 includes both Cross Margin and Isolated Margin).
At 03:00:00 on July 22, 2024 (UTC), the Margin trading, lending, and borrowing services for the CATS/USDT tokens will be closed. Additionally, the transfer functions for the Margin account related to CATS, as well as loan repayment, will also be suspended.
At 03:00:00 on July 23, 2024 (UTC), the Margin trading, lending, and borrowing services for the PEPE2/USDT tokens will be closed. Additionally, the transfer functions for the Margin account related to PEPE2, as well as loan repayment, will also be suspended.
(The function of transferring CATS and PEPE2 out from Margin accounts will not be affected.)
If you have CATS or PEPE2 loans in your Margin accounts, the system will cancel all open orders for CATS and PEPE2, initiate the liquidation process to close the CATS and PEPE2 positions, and repay the loans. Subsequently, it will transfer all assets of the Isolated Margin accounts for CATS/USDT and PEPE2/USDT to the main account.
And transfer all PEPE2 in the Cross Margin account to the main account, the system will verify the current Cross Margin Account's debt ratio and take the following actions:
Scenario 1: Debt Ratio <= 85% After Transfer
• Through the transfer verification, if the delisted token calculates the debt ratio after transfer <=85%, the system will directly transfer the delisted assets out of the Margin Account.
Scenario 2: Debt Ratio > 85% After Transfer
• Through the transfer verification, if the account debt ratio of the delisted token is > 85% after the delisted token is calculated, the system will force liquidation of the assets, convert the remaining delisted assets into USDT and retain them in the user's Margin Account;
Learn more the latest Cross-Margin delisting process
Notes:
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Please repay loans and transfer your PEPE2 assets out of your Cross Margin account in time.
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Existing positions in tokens will significantly affect the cost of delisting. During the designated time, users will not be able to perform any operations related to their positions. Please manage your positions in advance to avoid any unexpected losses.
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For API users, please ensure you have canceled your subscription to the Index Price and Mark Price of PEPE2 and CATS.
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If the price of PEPE2 or CATS fluctuates sharply, the delisting process may be initiated earlier. To avoid asset losses, it is recommended to control the debt ratio and transfer PEPE2 and CATS out of 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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