The Margin Services of Metal DAO (MTL) Will Be Temporarily Closed!

Dear KuCoin Users,

KuCoin will temporarily close the Margin services of Metal DAO (MTL).

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 Isolated Margin account to other accounts in advance.

At 02:00:00 on June 28, 2024 (UTC), the Margin trading, lending, and borrowing services of the MTL/USDT tokens’ will be closed. Additionally, the transferring functions for the Isolated Margin account related to MTL, as well as loan repayment, will also be closed. (The function of transferring MTL out from Margin accounts will not be affected)

If users have MTL loans in their Margin accounts, the system will cancel all open orders of MTL, initiate the liquidation process to close the MTL positions, and repay the loans. Subsequently, it will transfer all assets of the Isolated Margin accounts of MTL/USDT left behind to the Main account.

Notes:

1. For API users, please make sure you have canceled the subscription to the Index Price and Mark Price of MTL.

2. If the price of MTL fluctuates sharply, the delisting process may be initiated in advance. To avoid asset losses, it is recommended to control the debt ratio and transfer MTL 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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