Details

Margin Services of NuCypher (NU), Keep Network (KEEP) Temporarily Closed 

2022/02/10 15:49:18Announcements

Dear KuCoin Users,

According to the Threshold official announcement, the NuCypher (NU) and Keep Network (KEEP) token will merge to a new token - Threshold Network Token (T).

To enhance users’ experience in Margin and avoid the potential risks caused by the NU and KEEP merging plan, KuCoin will temporarily close the Margin services of NU and KEEP. Meanwhile, to protect users’ assets, we strongly recommend that users cancel open orders, close positions, repay loans and transfer NU and KEEP from the Margin account to other accounts in advance.

The arrangement details are as follows:

At 02:00:00 on February 14, 2022 (UTC), the closure of borrowing services of NU and KEEP, and the closure of the function of transferring NU and KEEP into the Margin account will take place.

Then the borrowing services of NU and KEEP will be made unavailable (the lending and auto-renew functions are not affected). Meanwhile, the function of transferring NU and KEEP into the Margin account will not be available (the function of transferring NU and KEEP out from the Margin account is not affected).

At 02:00:00 on February 17, 2022 (UTC), the closure of NU and KEEP Margin trading services will take place.

KuCoin will close the margin trading services of NU/USDT and KEEP/USDT.

*To avoid asset losses, it is recommended to cancel NU and KEEP open orders in time!

At 02:00:00 on February 21, 2022 (UTC), the closure of the lending services of NU and KEEP and repayment of the loans will take place.

The lending and borrowing services of NU and KEEP will be closed completely, as well as their auto-renew services. If users have NU and KEEP loans in the Margin account, the system will partially liquidate the users’ margin positions to repay the loans.

*To avoid asset losses, it is recommended to repay NU and KEEP loans in advance!

At 02:00:00 on February 24, 2022 (UTC), NU and KEEP assets in the Margin account will be transferred to the Main account automatically.

The system will detect users’ Margin accounts automatically. If there are NU and KEEP assets in users’ Margin account, the system will automatically cancel all open orders, activate the liquidation process to close the positions, and repay NU and KEEP loans, before transferring all NU and KEEP left out to the Main account.

*To avoid asset losses, it is recommended to control the debt ratio and transfer NU and KEEP assets out from the Margin account in advance!

Note:

1. NU and KEEP Spot trading services are not affected.

2. It is recommended that you can cancel the open orders, close the positions, repay the loans, and transfer NU and KEEP out to other accounts by yourself in advance. KuCoin assumes no responsibility for any losses arising from failure to operate in time.

3. Related follow-ups to this subject will be announced separately as soon as possible. Please stay tuned with us.

We apologize for any inconveniences this may cause.

Thanks for your support!

The KuCoin Team