Updates on COSS trading promo, and what lies ahead for future promos

Dear all,

We have received a lot of feedback regarding the recent COSS trading promo, and especially towards the term ‘wash trading’. Before we go further in this article, we would like to highlight our company’s policy :

20.3.1. The Company may at its sole discretion terminate access to the User’s Account for:

• attempting to access the Site and the Services in an unauthorized way and/or assisting others in such unauthorized access;
• breaking the security features of the software and/or taking advantage of such breaches;
• using the COSS Services for any illegal activities (e.g. money laundering, illegal gambling, terrorism, etc.);
• any violation of these Terms;
• avoiding Transaction Fee payments;
• abusing or threatening other Users and/or Company’s staff;
• any attempts to manipulate the market and/or raise the trading volume artificially;
• upon the request of the law enforcement institution or a government agency.

Wash trading ( orders executed to and from one’s account ) are auto-detected and removed from the promo ranking.There have been considerable debate on whether it is counted as wash trading if a small group of users trades back and forth consistently.

Some members of the community have insisted that in order to keep the trading promos 100% ethical, there has to be a full audit of every promo. Others have opined that we should leave it as it is for now, as these trades generate trading fees which benefit all COSS token holders, and they also generate volume, which benefits the exchange as a whole.

We have taken in some constructive and very helpful feedback from members of our community, who have spent a significant amount of time analyzing and providing suggestions on what can be done. We want to reach out and say a big THANK YOU for the effort.

After taking in the majority of the community’s feedback as well as reflecting on our own discussions, we have decided to leave the past promos as they currently are. We did not flippantly come to this decision. We had quite a lot of heated discussions on this topic with staff taking different sides.

We do sincerely apologize for those members of our community that were affected.

In future, we will be looking into coming up with better trading promo structures. Some suggestions from the community have been to make trading promos more manageable and more ‘tailor-made’ for each project that lists on our platform. We are considering promo features like airdrops, physical prizes, or promos that only counts buying orders, etc.

Again, we ask for your kind understanding on our current stance, but as soon as the dust settles with KYC, FIAT, and the new UI, we will start looking into improving our promo structures on COSS.io. Stay with us as we work towards a better and brighter future ahead.

Best regards,
COSS.io Team.