Crypto exchange KuCoin announced on October 15, on its official Twitter handle that it will be temporarily suspending all USDT transactions across its platform. This move is part of a larger wallet maintenance regime that the exchange regularly adheres to. There seems to be no major reason for users to worry about, due to this sudden halt of USDT trading on the exchange’s platform.
The KuCoin exchange is a Hong Kong-based exchange that was launched on September 15, 2017. The exchange platform is known for sharing 90 percent of its trading fees with users. It is also known for listing coin pairs before any other exchanges list the same.
Apart from the official tweet, the exchange also shared a blog post on its official website stating that KuCoin is presently in the process of updating their USDT wallet system. The exchange decided to update its USDT wallet system to better secure the platform against third party infiltrations and other nefarious miscreants.
The KuCoin crypto exchange blog post also mentions that until further notice, any withdrawals and deposits pertaining to USDT and its trading pairs won’t be available. Although there seems nothing fishy about it, there are people on Twitter who are speculating that Tether may be on the verge of an economic collapse. However, as far as KuCoin’s temporary suspension of USDT transactions is concerned, there seems to be nothing to worry about, the Bitcoin Exchange Guide reported.
The exchange also made another similar announcement stating that it will be performing background system maintenance for some projects. KuCoin shared a list of the projects that will be undergoing the maintenance on its website. It stated in its announcement that all functions pertaining to the said projects will be temporarily suspended starting October 15, from 10:30 to 11:00 (UTC+8).
The KuCoin exchange also mentioned that the suspended actions would entail all kinds of deposit, withdrawal, open orders, trading and checking of assets. However, it added that in case users presently have open orders, they will not be canceled. It stated that once the maintenance activity is complete, it will re-open these services for the users.
Last month, crypto exchange KuCoin announced the listing of CPRT as part of their tradable tokens. CRPT is the single transaction currency of Crypterium. Crypterium is a blockchain based project that is focused on revolutionizing the digital banking.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]