South Korea-based Upbit, one of the leading cryptocurrency exchanges, issued warnings about 25 cryptocurrencies last week and stated that these altcoins could be delist from the list after the review. Borsa Istanbul emphasized that the warning was given because the projects were insufficient in terms of team competence and activity, information sharing and communication, technical competence, and liquidity.
In the evaluation made at the end of a week, it was decided to remove the other 24 cryptocurrencies from the platform, except for one. For now, BASIC is not delisted, while trading support for 24 other assets will reportedly end by June 28, 2021.
Upbit Delist Altcoins:
Komodo (KMD), LBRY Credits (LBC), AdEx (ADX), Ignis (IGNIS), Einsteinium (EMC2), 12SHIPS (TSHP), DMarket (DMT), Lambda (LAMB), PIXEL (PXL) , Pica (PICA), ReddCoin (RDD), Endor (EDR), Vite (VITE), ITAM (ITAM), SysCoin (SYS), Nxt (NXT), RINGX (RINGX), Nucleus Vision (NCASH), Fusion (FSN) ), Plian (PI), BnkToTheFuture (BFT), Ripio Credit Network (RCN), Propy (PRO), Aragon (ANT).
Users holding any of these assets in their Upbit account will be able to withdraw their a ssets until July 19, 2021.
Regulator pressure on stock markets in South Korea
Strict measures are being taken for cryptocurrency exchanges in South Korea. The country’s Financial Services Commission recently reported that banks will be required to categorize cryptocurrency exchanges that do business with them. In addition, the country has made it mandatory to obtain a certificate showing that the standards set for exchanges have been met some time ago. All exchanges must obtain this certificate in order to continue operating after September 24. According to the information received, there are 20 cryptocurrency exchanges that have been certified so far. 30 exchanges have applied, but have not yet received a certificate.
As a result of the application, some crypto exchanges in the country, including Coinfinit, Trebit, Planty and Coinnest, suspended services. Some exchanges have delisted certain cryptocurrencies or issued investment warnings.
Upbit launched on October 24, 2017. The stock market, which is predominantly used by South Koreans, has achieved a trading volume of 3 billion dollars in the last 24 hours. About 100 different cryptocurrencies were listed on Upbit.
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