Kuna, a prominent cryptocurrency exchange, has announced the removal of several currencies, including USDT and the Ukrainian Hryvnia (UAH), from its platform. This decision is part of the exchange's compliance with the new MiCA regulations aimed at standardizing virtual asset service providers in the European Union. The delisting will take effect on March 3, 2025, prompting users to withdraw their assets before the deadline.
Key Takeaways
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Kuna will delist USDT, DAI, UAH, KUN Token, ZEC, and DASH.
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Users are advised to withdraw their assets by March 3, 2025.
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Open orders for the delisted tokens will be canceled on February 19, 2025.
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If assets are not withdrawn, they will be converted to USDC at market rates.
Background of the Delisting
The decision to delist these currencies comes as Kuna seeks to align itself with the MiCA (Markets in Crypto-Assets) regulations, which are designed to create a safer environment for cryptocurrency trading in Europe. The exchange has communicated this change to its users, emphasizing the importance of compliance with evolving regulatory standards.
Affected Currencies
The following currencies will be removed from the Kuna exchange:
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USDT (Tether)
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DAI (Dai Stablecoin)
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UAH (Ukrainian Hryvnia)
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KUN Token
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ZEC (Zcash)
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DASH (Dash)
User Instructions
Kuna has advised its users to take the following actions:
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Withdraw any holdings of the affected currencies to external wallets before March 3, 2025.
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Be aware that all open orders involving the delisted tokens will be automatically canceled on February 19, 2025.
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If users fail to withdraw their assets, Kuna will convert them to USDC based on the market rate available on March 4, 2025, at 00:00 CET.
Company Background
Kuna's founder, Mikhail Chobanyan, recently announced a strategic shift, indicating that the company would cease operations in all countries. Users have been given a two-month transition period to withdraw their balances. This move follows a series of regulatory challenges, including the blocking of the exchange's domain by Ukrainian authorities based on a court ruling.
Conclusion
The delisting of USDT and other currencies from Kuna marks a significant shift in the exchange's operations as it adapts to regulatory requirements. Users are urged to act promptly to secure their assets and stay informed about further developments in the cryptocurrency landscape. As the industry continues to evolve, exchanges like Kuna are navigating the complexities of compliance while striving to maintain user trust and security.