- KuCoin to offer special discounted trading fees to major traders
- Institutional traders to get up to 80% discount
- BCC to be de-listed by last exchange
KuCoin, a cryptocurrency exchange platform based in Singapore, has become the latest to provide specialized trading services to institutional investors. The company has also refuted claims of suspicious activities on certain accounts in its supposedly vacant Hong Kong office.
The exchange platform made the announcement in a blog post that went live on 8 August.
According to the post, KuCoin would like to attract more major players to become active in the high-frequency trade market. The post also stated that it would offer a discount on the normal trading fees to qualified investors.
The company explained that institutional investors will have to go through a know-your-customer (KYC) verification process. Once this initial step has been completed, big-money traders will be ready to start trading within a period of one working week.
KuCoin intends to offer these institutional traders discounts ranging from 20% to 80% for at least the first month after they join.
The company’s decision follows a long list of other cryptocurrency platforms taking the same route, among them Coinbase. Earlier this year, the KuCoin platform announced a profit for the first quarter of $7.6m.
In other trading news, the last cryptocurrency exchange will soon de-list BitConnect’s BCC token. This means BCC will effectively become virtually unsellable, unless one can directly find a buyer or use a peer-to-peer network. Nevertheless, the token’s market capitalization still stands at $6.6m.
TradeSatoshi, a relatively obscure cryptocurrency exchange that is largely focused on the ATC/BTC pair and has a daily trading volume of around $1.16m, announced its decision on Twitter, stating that BCC will be de-listed on 10 September.