KuCoin Updates

This will be a quick crypto update post dealing primarily with KuCoin. On November 1st, 2018, KuCoin announced the following...

"KuCoin has executed the 196,211 KCS buyback and burn for Q3, 2018.
In accordance with our whitepaper, we have used at least 10% of profits from Q3, 2018 to buy back KCS from the market, and burned 196,211 KCS."

Every quarter, KuCoin has participated in a token buyout and burn. This quarter is no exception. This news has not done much to move the price. At this time the price of KCS is 0.000017049 satoshi or approximately $1.09 USD. The volume has been pretty low on KuCoin lately, so that is probably one of the reasons that the price did not move much on the news.

KuCoin also made a significant change recently as well on this news...

"We would like to give you a friendly reminder regarding KYC and withdrawal limits starting November 1, 2018. The limitation restricts the amount a user can withdraw within a 24-hour period from 00:00 to 23:59 (UTC+8).

KuCoin users that complete KYC verification will enjoy higher daily withdrawal limits. The new withdrawal limits are listed below.

Verified Individual Account: 100 BTC per 24hr
Verified Institutional Account: 500 BTC per 24hr
Non-verified Account: 2 BTC per 24hr"

This is a big change for investors who like to keep their information private. Looks like the KYC are spreading in crypto and now KuCoin is no exception. You can still keep your account unverified, but there are going to be restriction on how much crypto you can withdraw in a 24 hour period. At this time if you will only be able to move 2 BTC per 24 hour period. This means that if you want to move larger sums of money, you will either need to wait and spread out the amount over a period of time, or you will have to go through the KYC process to get your account verified. This includes giving your passport information with a picture, and your personal information. Looks like crypto is falling in line with the regulators.

Finally we have this news,

"Per request from SHL project, we have decided to immediately suspend deposits, withdrawals and trading for SHL. We apologize for any inconveniences this may cause. Your SHL assets may currently not be displayed until this issue is resolved."

It looks like the creator of Oyster Pearl (PRL) scammed his own project. He left a loophole in which he could recreate an ICO and create PRL out of thin air and then dump them on KuCoin. This caused a mini-pump, until the scam was exposed. Now all trading has stopped and the team is trying come up with a plan on how to get PRL and SHL back onto the crypto market, as well as repair the trust issues and damage control that occurred. Never a dull moment in crypto.

Well that is all for now. I think that we are going to be in a stagnation mode for the next few weeks or months. It could be a good time to slowly dollar cost average and accumulate and wait until 2019 to see if that is a better year for crypto. Good luck to everyone and thanks for reading.