The Margin Services of GMT, CLV Will Be Temporarily Closed!
02/19/2025, 18:42:01
Dear KuCoin Users,
KuCoin will temporarily close the Margin services for STEPN (GMT) and Clover Finance (CLV).
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 (Including both Cross Margin and Isolated Margin).
At 02:00:00 on February 26, 2025 (UTC), the Margin trading, lending, and borrowing services for the GMT/USDT and CLV/USDT tokens will be closed. Additionally, the transfer functions for the Margin account related to GMT and CLV, as well as loan repayment, will also be suspended. (The function of transferring GMT and CLV out from Margin accounts will not be affected.)
If you have GMT or CLV loans in your Margin accounts, the system will cancel all open orders for GMT and CLV, initiate the liquidation process to close the GMT and CLV positions, and repay the loans.
Subsequently, it will transfer all GMT in the Cross Margin account and all assets of the Isolated Margin accounts for GMT/USDT and CLV/USDT 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 GMT and CLV 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 GMT and CLV.
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If the price of GMT or CLV fluctuates sharply, the delisting process may be initiated earlier. To avoid asset losses, it is recommended to control the debt ratio and transfer GMT and CLV 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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