The Margin Services of GAL Will Be Temporarily Closed!
08/07/2024 15:29:14
Dear KuCoin Users,
KuCoin will temporarily close the Margin services of GAL.
Meanwhile, to protect users' assets, we strongly recommend that users cancel open orders, close positions, repay loans, and transfer the afore-mentioned tokens from the Cross Margin account and Isolated Margin account to other accounts in advance.
At 02:00:00 on July 12, 2024 (UTC), the Margin trading, lending, and borrowing services of the GAL/USDT tokens' will be closed. Additionally, the transferring functions for the Margin account related to GAL, as well as loan repayment, will also be closed.
If users have GAL loans in their Margin accounts, the system will cancel all open orders of GAL, initiate the liquidation process to close the GAL positions, and repay the loans. Subsequently, it will transfer all assets of the Cross Margin account and Isolated Margin accounts of GAL/USDT left behind to the Main account.
Notes:
1. Please transfer the GAL 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 GAL.
3. If the price of GAL fluctuates sharply, the delisting process may be initiated in advance. To avoid asset losses, it is recommended to control the debt ratio and transfer GAL 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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