Copy link
Increase text size
Decrease text size
Link copied

South Korean crypto exchanges Upbit and Bithumb delist some altcoins from their platforms

The crypto exchanges' move could be part of their preparations to have their applications for registration approved by the Financial Intelligence Unit (FIU).

Seoul, South Korea / Image by: sinano1000 / Flickr

Fri, 25 Jun 2021, 11:28 am UTC

South Korean crypto exchanges Bithumb and Upbit have been delisting some altcoins from their platforms. The move by the two exchanges is seen as part of their preparations to have their applications for registration approved by the Financial Intelligence Unit (FIU).

Upbit announced on June 11 that it will be removing five coins from its platform. The crypto exchange decided to delist the coins Maro, Paycoin, Solve.Care, Quiztok, and Observer.

The crypto exchange also posted a “watch list” of 25 tokens. On June 18, Upbit has already delisted 24 of the tokens from the platform, according to Coindesk.

Meanwhile, Bithumb plans to stop the trading of four tokens from its platform. The crypto exchange said that four altcoins will no longer be supported by July 5.

Upbit and Bithumb are among the four largest crypto exchanges in South Korea. Along with Coinone and Korbit, the four platforms are collectively referred to as the “Big 4.”

Based on the delisted coins, crypto exchanges appear to be targeting dark coins or privacy coins such as Monero (XMR) as well as tokens issued directly by exchanges. Some delisted cryptos also belong to protocols that are no longer being developed or tokens that are listed on less than five exchanges.

Crypto exchanges operating in South Korea are required to register with the Financial Intelligence Unit (FIU) by September 24, 2021. The FIU can reject applications by exchanges that are deemed too risky for potential money laundering and fraud.

In a meeting held on June 4, the FIU revealed a set of “recommended guidelines” to increase the exchanges’ chances of having the registration application approved. The guidelines included the submission of their protocols in evaluation and listing tokens, which probably explains the delistings.

Aside from the two members of the “Big 4,” smaller exchanges have also initiated their own delisting. For instance, Huobi Korea stopped the trading of the Huobi token while Coinbit suspended the trading of 8 coins.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (btc) $49,099.00 (-0.54%)
  • Ethereum (eth) $4,160.59 (+1.17%)
  • Binance Coin (bnb) $555.76 (-1.93%)
  • Tether (usdt) $1.00 (+0.26%)
  • Solana (sol) $191.96 (-7.12%)
  • Bitcoin (btc) $49,099.00 (-0.54%)
Jul 15, 2021 (Thursday)
13:30
BTC Surges by 1.16% Within 5 Mins, Marking 31,824.01 USDT
12:06
BTC Surges by 1.12% Within 5 Mins, Marking 32,104.8 USDT
10:25
BTC Drops by 1.03% Within 5 Mins, Marking 32,171.88 USDT
02:13
TriumphX Scouts 'MINAMCOMPANY' CEO Woo-Seong Lee As Creative Director
02:00
ETH Tops List Of Crypto Net Inflow With $298.96 Mln In Past 10 Hours
Jul 14, 2021 (Wednesday)
13:14
BTC Surges by 1.03% Within 5 Mins, Marking 32,738.08 USDT
09:03
BTC Surges by 1.01% Within 5 Mins, Marking 31,899 USDT
02:30
Crypto Market Sentiment On Jul 14: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $224.97 Mln In Past 10 Hours
Jul 13, 2021 (Tuesday)
02:30
Crypto Market Sentiment On Jul 13: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $178.61 Mln In Past 10 Hours
Jul 12, 2021 (Monday)
02:30
Crypto Market Sentiment On Jul 12: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $164.82 Mln In Past 10 Hours
Jul 11, 2021 (Sunday)
21:31
BTC Surges by 1.02% Within 5 Mins, Marking 34,475.6 USDT
10:00
ETH Tops List Of Crypto Net Inflow With $122.76 Mln In Past 18 Hours
06:17
SOBA Listed On LATOKEN
02:30
Crypto Market Sentiment On Jul 11: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $87.56 Mln In Past 10 Hours
Jul 9, 2021 (Friday)
21:40
BTC Surges by 1.08% Within 5 Mins, Marking 33,911.8 USDT
02:30
Crypto Market Sentiment On Jul 09: Market In "Extreme Fear"
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft