Historically, we have seen that storing any tokens on an exchange can be risky. We wanted to provide an update on recent actions taken by two exchanges that currently support Siacoin, and what precautions you should take.
Yunbi
What’s happening
Yunbi has announced they will stop all trading permanently on September 20th due to recent Chinese government enforcement of regulations. It’s unclear at this time if Yunbi will remain open for withdrawals beyond this date.
Edit 9/19/17: Yunbi has already begun removal of their trading platform, but claim that withdrawals will continue. https://yunbi.zendesk.com/hc/en-us/articles/115000108681
What you should do
To be safe, we recommend moving any Siacoin stored on Yunbi off of the exchange as soon as possible.
Source
Closing Exchange Business Announcement
Cryptopia
What’s happening
Cryptopia is de-listing Siacoin on September 24th due to “ongoing transaction issues”. Cryptopia has not reached out to Sia for help with this unspecified issue. We suspect it is something quite manageable, as other exchanges are processing Siacoin transactions without issue.
What you should do
Follow their guidance to “please close all open orders and withdraw your coins before 24/09/2017”.
Source
https://www.cryptopia.co.nz/Exchange/?market=SC_BTC
The wrap up
We take your security and that of your tokens very seriously, and you should too. Take the time and do the research to ensure that your tokens — of any kind — are as safe as they can be. Good practice dictates that you do not use exchanges as a long term storage solution. I’ll update this space as new info becomes available.
The best place to store your Siacoin is Sia-UI, our official app/wallet: http://sia.tech/apps/
Reach out anytime with questions.
Steve
@steve on Discord
PSA: Regarding Siacoin on Exchanges was originally published in Sia Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
<div class="infobox"><span class="appendinfo">This article was originally published on: <a href="https://blog.sia.tech/" target="_blank">The Siacoin Blog</a> on </span></div>