Margin Services of IOTA Temporarily Closed
07/11/2023, 18:48:45
Dear KuCoin Users,
KuCoin will temporarily close the Margin services of IOTA.
Meanwhile, to protect users’ assets, we strongly recommend that users cancel open orders, close positions, repay loans and transfer the tokens above from Cross Margin account and Isolated Margin account to other accounts in advance.
Details:
At 07:00:00 on July 19, 2023 (UTC), the closure of IOTA-USDT Margin trading services, lending and borrowing services of IOTA, the function of transferring IOTA into the Cross Margin account or the Isolated Margin account, and repayment of the loans will take place (the function of transferring IOTA out from Margin accounts is not affected) .
If users have IOTA loans in their Margin accounts, the system will cancel all open orders of IOTA, activate the liquidation process to close the IOTA positions and repay the loans before transferring all of IOTA in the Cross Margin account and all assets of the Isolated Margin accounts of IOTA-USDT left out to the Main account.
*Please transfer the IOTA 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.
For API users, please make sure you have canceled the subscription to the Index Price and Mark Price of IOTA.
*If price of IOTA fluctuates sharply, the delisting process may be initiated in advance. To avoid asset losses, it is recommended to control the debt ratio and transfer IOTA out from 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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