Media: KuCoin Exchange Imposing Recovery Services …

Media: KuCoin Exchange Imposing Recovery Services …

Media: KuCoin Exchange Forces Services To Raise Trading Volume Under Threat Of Token Delisting

The delisting of 16 tokens from the KuCoin exchange at the end of 2018 may have reasons different from those stated by the company itself, writes The Block.

According to the portal, at least four projects from this number received a request to pay $ 180,000 for raising the trading volume from KuCoin itself, which would allow them to maintain their place on the trading platform..

Sources from projects Jibrel, Encrpgen, Publica and Unikrn said that after their tokens were among the 18% of the least demanded assets on the exchange, the company invited them to raise volumes “by any means necessary”.

Jibrel’s COO said KuCoin has recommended affiliated marketers who are ready to carry out the necessary transactions. “They should have been involved in the laundering trade, I’m 100% sure. They provide guaranteed volumes, so it is obvious that something is not clean here, ”he said..

Representatives of other projects told similar stories and stated that they refused the offer of the exchange, giving preference to “natural demand”.

KuCoin, for its part, said it was “quite confident” that it had never offered market-making services, and suggested that fraudsters could have contacted these projects using fake email addresses. “If the reports did come from KuCoin employees, we will definitely take action to eliminate behavior that violates our company’s policies,” the exchange said..

Media: KuCoin Exchange Imposing Recovery Services ...

Commentators argue that the problem may not be limited to KuCoin alone. Three projects stated that the Hong Kong stock exchange OKEx offered similar services, but was “more tactful” and asked to pay “trading commissions”, which could mean all the same money to falsify trading volumes.

The Jibrel representative believes that crypto-exchanges have changed their policy and now not so much demand money from projects for listing tokens as blackmail them with possible delisting. “This is probably one of the dirtiest areas I have encountered to date,” he added..

Last November, the CEO of Unikrn Raul Sood released information that OKEx “explicitly asked to increase volumes by any means” under threat of delisting.

Media: KuCoin Exchange Imposing Recovery Services ...
Media: KuCoin Exchange Imposing Recovery Services ...

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