The Margin Services of USDD Will Be Temporarily Closed!
02/05/2024, 15:45:11
Dear KuCoin Users,
KuCoin will temporarily close the Margin services of USDD.
Meanwhile, to protect users’ assets, we strongly recommend that users cancel open orders, close positions, repay loans, and transfer the afore-mentioned token from the Cross Margin account and Isolated Margin account to other accounts in advance.
At 02:00:00 on February 7, 2024 (UTC), the Margin trading, lending, and borrowing services of the USDD/USDT and USDD/USDC tokens’ will be closed. Additionally, the transferring functions for the Cross Margin account and the Isolated Margin account related to USDD, as well as loan repayment, will also be closed. (The function of transferring USDD out from Margin accounts will not be affected)
If users have USDD loans in their Margin accounts, the system will cancel all open orders of USDD, initiate the liquidation process to close the USDD positions, and repay the loans. Subsequently, it will transfer all USDD in the Cross Margin account and all assets of the Isolated Margin accounts of USDD/USDT and USDD/USDC left behind to the Main account.
Notes:
1. Please transfer the USDD 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 USDD.
3. If the price of USDD fluctuates sharply, the delisting process may be initiated in advance. To avoid asset losses, it is recommended to control the debt ratio and transfer USDD 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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