When initial coin offerings are announced, teams look for ways to get listed on various exchanges. KuCoin appears to be one of the more appealing platforms in this regard, even though the process can be a bit involved. The Verify team has given up on their attempt to get listed on this exchange, and has shared a very disturbing story about the website.
It is evident that any new currency looking to get listed on a cryptocurrency exchange will have to undergo a painstaking verification process. After all, many new currencies are created every week, and it is almost impossible to separate the weed from the chaff without some sort of vetting process. For the Verify team, their KuCoin debacle began in late November 2017.
After four months of back-and-forth communication with the KuCoin team, their token is still not listed on the platform. Nor will it be, by the look of things, as there are quite a few reasons as to why this situation has gotten out of hand. According to the Verify team, this was mainly due to KuCoin trying to make life hard for this company.
Although it is evident that exchanges are not all that fast when it comes to new token listings, it seems KuCoin took its time in addressing Verify’s request. It (allegedly) took the site four weeks just to issue a basic reply. Getting listed either costs 5 BTC or requires a community vote which a few competitors will try to win as well. It seems Verify was never included in this voting process, and simply tried to pay for its listing. Unfortunately, this request went ignored, yet the token was eventually added to a Twitter vote regardless. It was this vote which apparently saw Verify go up against nine competitors, similar to how Binance tries to add new coins these days.
After some more back-and-forth, the team simply decided to give up on getting listed altogether. Sixteen weeks is a very long period of time over which to get everything in order, but according to Verify, the KuCoin exchange is simply incapable of dealing with its own popularity as of right now. This is not a positive sign for the cryptocurrency industry as a whole, and it shows there’s still plenty of room for improvement.
As is always the case with stories like these, there are two sides to the experience. It is certainly true that exchanges are listing fewer currencies these days, which is a positive trend, all things considered. A lot of currencies are mainly designed to be listed on an exchange so their creators can cash out sooner or later. This does not mean Verify falls into that category, and its struggles may be perfectly legitimate. If so, it shows KuCoin has a lot of work ahead of it.
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