Dear BitZ users, partners:

Recently, the concern of the blockchain industry in mainland China has continued to heat up, and higher requirements have been placed on the standardization of the blockchain industry. The BitZ user community also provides feedback and suggestions on the performance of the project side assets. BitZ acts as a neutral third-party trading platform. In the attitude of being responsible to each user, as of the release date of this announcement, the following rules for the hidden/offline of existing transactions are adjusted as follows:

Assessment content includes but not limited to: 

1. Project and Team

1.1 Major changes to the important members of the project team, products, and business models shall be notified to the Exchange for re-audit. If any change appears prior to notification, the platform will directly remove the project; The trading pair will be forced to go offline.

1.2 Unethical behaviors or fraudulence of the team, including but not limited to the falsification of the personal information of team founders, co-founders or consultants, etc., the involvement in market manipulation, or the legal charges or accusations faced by any team member; The trading pair will be forced to go offline.

1.3 Violations of laws and regulations of the project party as notified by the judicial authorities and regulatory authorities of any country or region. The trading pair will be forced to go offline.

 

2. Technology Development and Main Network/Smart Contract 

2.1 The main network of the project has potential security vulnerabilities;

2.2 There are security vulnerabilities such as overflow in the smart contract code;

2.3 A splitting with 51% being attacked exists or has happened in the project; 

2.4 The project has not been developed according to the time node planned in the white paper, and there was no announcement of the delay of progress on the official website.

2.5 The public blockchain/contract-layer source codes (GitHub) have not been updated for a long time, and there are no updates to the long-term version of the application of the project.

With any of problem above, the trading pair of the project will be forced to go offline.


3.Community Construct and Operation

3.1 Have significant deviation in disclosure, deceive users or the platform;

3.2 Website unreachable, confusion of information, no maintainers for social media or community for a long time;

3.3 No disclosure of any project update for over 1 month on social media or the official website (eg: progress of development, version update, team dynamics, etc.)

3.4 Project proponents deliberately conceal potential important events that will significantly influence currency prices.

With any of problem above, the trading pair of the project will be forced to go offline.


4. Liquidity



Data indicator

Data phase

Transaction processing

Transaction volume for single currency pair on two consecutive days

≤300USDT

notice project proponents

≤200USDT

hidden

≤100USDT

offline

Transaction volume for single currency pair on seven consecutive days

≤500USDT

notice project proponents

≤400USDT

hidden

≤300USDT

offline

 

Daily price decline of the trading pair ≥40%

1 day

notice project proponents

three consecutive days

hidden

five consecutive days

offline

 

Cumulative decline in the last 30 days of the trading pair

≥40%

notice project proponents

≥50%

hidden

≥60%

offline

Notice: Being hidden does is equal to being removed. Please trade according to your risk tolerance.



BitZ will review all projects strictly and disclose them to all community users in real time. If it is found that there may be the above problems, the user will be notified as early as possible and the currency transaction pair will be hidden. The specific process is as follows: 

(1) When the early warning risk control conditions are triggered, the platform would inform the project party to pay attention and adjust;

(2) When the hidden risk control conditions are triggered, or receive the user's report and verify it,the platform would immediately hide the trading pair, and announce it;

(3) When the offline risk control conditions are triggered, the platform would immediately issue an announcement and the transaction will be removed after two weeks.

At the same time, from the date of publication of the announcement, until January 1, 2020, the BitZ platform will supervise and rectify the original project based on this regulation, and projects that do not meet the requirements for platform risk control will forced to go offline.

 

Risk Warning: Digital currency is a high-risk investment method. All projects on the BitZ online line do not represent the platform's recommendation for investment in the project. Investors are advised to invest carefully according to their personal judgment.

 

 

BitZ Recommending Function

BitZ Leverage Financing:: https://www.bitz.top/lend

BitZ Perpetual:https://swap.bitz.top/trade/101

BitZ Margin Trading:https://www.bitz.top/marginExchange

National Partner:https://help.bitz.top/article/100001817


BitZ China(Telegram):https://t.me/bitzCN

BitZ China(BiYong):https://0.plus/bitzCN

BitZ Community(Telegram):https://t.me/bitzEN

BitZ official WeChat:

客服微信二维码1568001308771.png

Risk reminder: Cryptocurrency asset is a kind of innovative investment product with volatile prices. BitZ serves as a neutral trading platform, established only for providing convenience for cryptocurrency enthusiasts trading cryptocurrencies, and assumes not liability of guarantee of or compensation for the investment value of coins. Please make a rational estimation on your investment ability and make prudent investment decisions.

Thank you for your support!

BitZ Team

 

Nov 22, 2019

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