According to Asia Kyungjae, the top South Korean financial regulator, after being given almost complete control of the country’s crypto sector, appears to be flexing its muscles and in fact has given orders for exchanges to submit a list of any tokens set to be removed from their platforms.
Majority of the biggest exchanges in the Asian nation have their own delisting protocols that involve regular auditing of tokens for purposes of determining the project activity, stability, liquidity, market capitalization and other issues. Tokens that are deemed to have poor performance are put under internal scrutiny for a 30-day period.
A lot of experts and industry players were shocked and some raised eyebrows when the market-leading Upbit announced its delisting of five tokens and placement of 25 more on its provisional list.
Unless these assets are able to muster a reversal in fortunes over the next month, they will also be delisted from Upbit’s platform.
Reports from Digital Today and KBS said the five initial coins are set to be removed from the exchange on June 18. Meanwhile the remaining number of altcoins has been designated as “tokens of concern.”
The financial regulatory body appears to have been angered by the idea that the platform decided to inform its customers about its decision first before notifying them of its intentions.
As a response, 20 trading platforms reportedly received emails from the FSC that ordered them to make and submit a list of any assets that they consider for delisting.
According to Kyungjae, the list must be submitted to the regulatory office on or before June 18.
Image courtesy of Cointelegraph News/YouTube
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