Thank you for always using CROSS exchange.
Regarding the ongoing Telegram GRAM Token sale IEO, CROSS exchange users have indicated that the current rules are unfair. As a result of researching and analyzing this, we have decided to change some specifications.
＜Backgroud Explanation＞
The GRAM sale, starting from the 2nd and 3rd Phases, allows for the purchasing of GRAM with XEX "with no lock-up or with a lock-up".
The order of XEX used to purchase GRAM is based on the following rules:
1. The order of XEX used to purchase Grams in Phase 2 and Phase 3: First "XEX without a lock-up" will be used, then it will be preferentially allocated from XEX with the closest unlock date regardless of the lock period (30/60/90 days).
2. XEX pending an order, pending a withdrawal, or funds in a permanent lock are unavailable for purchasing.
However, we discovered that some customers were trying the following measures in order to prevent consumption of XEX without a lock-up first:
① On the trading platform, users have been placing sell orders for XEX at a value that greatly deviates from the current price, and are thus placing their XEX in a "pending order" status.
② Applying for withdrawal of XEX, thus placing it in a "pending withdrawal" status without clicking on the withdrawal approval button.
① This situation displays an act to deliberately mislead traders and impede investment, as it shows up as an order (on the tradeboard) for trade.
② This situation presents a security issue as the status of the withdrawal request is extended for a long period of time.
Situations ① & ② observation period: since 7/22/2019 4:00 (UTC)
Based on the above results, we have changed the trade rules for the GRAM Token sale.
＜Before Rule Changes＞
・XEX pending an order, pending a withdrawal, or funds in a permanent lock are unavailable for purchasing
＜Post Rule Changes＞
・XEX pending an order will be eligible for purchase for IEO participants.
・During the IEO period, withdrawal of XEX will be suspended. (For all members, XEX only)
＜Rule Changes Effective Period＞
From the start of Phase 2 (7/22/2019 4:00~ UTC)
As for CROSS exchange in particular, through this IEO planning "we want many of you to have the fairest investment opportunity".
We appreciate your understanding and cooperation so that our IEO can operate smoothly.
CROSS exchange Team