KUCOIN / IDEX Delisting: The Bright Side

The rumors are true: KuCoin placed the HAT token into their “Special Treatment” category due to low volume, and just a few weeks later, decided to delist us.

As troubling as this might appear at first to the community, the reality is that our business model is not built around a “token” – we are building a p2p, decentralized exchange – so while this is a temporary inconvenience, it does not represent an intractable problem: HAT tokens will always be tradeable on HAT.Exchange, and remain tradeable at ForkDelta under the symbol “HAT.”

(link: https://forkdelta.github.io/#!/trade/HAT-ETH)

Sean Pettersen, HAT’s CIO, explained the situation in these terms:

“HAT.Exchange is a clear competitor in this space and has always targeted trade of the HAT token on its own Exchange. Rest assured these actions have only accelerated our Open Beta release timeline, so you will be able to use HAT.Exchange to trade the HAT token. Soon you will be able to download the apps from Google Play and Apple stores respectively.”

We should also point out that for a total of just 5 months listed on KuCoin, we were charged $140,000 in BTC (10 BTC at the time) as listing fee, and 20,000 HAT tokens for trading and deposit promotions (10,000 HAT each).

KuCoin has even been caught red handed asking its clients to pump their own volume, which they euphemistically refer to as “market making activities.” See here: https://medium.com/verifyas/our-kucoin-listing-nightmare-and-why-its-the-last-place-you-should-list-3af019e4e7f6

Pettersen continued: “Unfortunately, IDEX chose to delist the HAT token as well because of pressure from outside of the exchange. Both are business decisions made in an ever competitive and tightening market vying for trader attention.”

With both IDEX and KuCoin listings suspended, CoinMarketCap is unable to receive market and price data for HAT, and this is why our website and app are showing HAT’s price as $0.00.

We will continue to update our users and community about this topic, so please watch our telegram, twitter, and news flashes.

We’ll catch up with you again in September with Newsletter Vol. 05!