South Korean cryptocurrency exchange Upbit has announced that it will be expunging 5 cryptocurrencies from their platform. The move is part of the exchange’s efforts to protect investors and stabilize the market.
Upbit, South Korea’s most well-known cryptocurrency exchange, has delisted five cryptocurrencies. Upbit delisted Maro, Paycoin, Observer, Solve.Care, and Quiztok from its exchange list on Friday. Upbit’s judgments are solely based on the financial judiciary’s current rules.
Upbit has stated that five distinct currencies would be removed from its list as of Friday. It has also issued warnings for 25 other cryptocurrencies. All of the coins presented by Upbit were not up to Upbit’s own criteria for maintaining a fair market share.
As a result, the value of all five delisted currencies has plummeted during the last weekend. Maro’s price fell from 285 won ($0.26) to 79 won ($0.26). Overall, this is a 70% decrease. Paycoin’s price also dropped from 1170 won to 428 won. This is a drop of more than 50%. Furthermore, all of the coins listed are available from Friday through Sunday. Furthermore, it is clear that all of their prices had fallen by almost half prior to Upbit’s decision.
Furthermore, as South Korea’s biggest cryptocurrency exchange, it has given warnings to 14 percent of its total listed currencies. Upbit’s trading list platform supports a total of 178 currencies.
Furthermore, Upbit’s extreme arguments are entirely due to the government’s numerous laws. Not just Upbit, but many other cryptocurrency exchanges are also affected.
All of this is overseen by the Financial Intelligence Unit (FIU), which is part of the Financial Service Commission. The Financial Intelligence Unit (FIU) is in charge of tracking any illicit investment movements on the crypto market. Following a field consultation on September 24th, the FIU issued instructions to over 33 crypto exchanges. The laws and guidelines must be followed by all exchanges, as well as the Specific Financial Information Act.
The Task Forces (Five)
The Financial Service Commission has split the FIU into five task teams. These five task forces are represented in the form of groupings. Daily Situation, Reporting and Response, On-the-Spot Consulting, Capital Market, and System Improvement are the five task force groupings.
The Daily Situation group’s job is to keep track of all bitcoin market data. The Reporting and Response division is in charge of crypto exchange registrations and reporting. The On-the-Spot Consulting team is in charge of assisting the exchanges through the report registration process. The Capital Markets category include all capitals that are based on exchanges. The System Improvement group is responsible for constantly improving the bitcoin industry as a whole.
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