According to related industries on the 21st, four major domestic cryptocurrency exchanges, including Bithumb, Upbit, Kobit, and Coinone, delisted 12 cryptocurrencies as of this day only this year.
Bithumb has delisted the most cryptocurrencies. Bithumb has ended support for 7 types of virtual currency transactions this year. Following Bezant on the 5th of this month, on the 12th, it was announced that Dash, Pevex, and Jet Launch will be delisted. Earlier, Bithumb ended trading support for Cred, Origo, and Hycon in January and February.
Upbit delisted a total of 4 types of virtual currency. Last month, support for transactions for Gifto, OST, and Bitshare ended, and Go Money 2 was delisted on the 18th of this month. Coinone also ended the transaction support of DM Governance this month. In the case of Corbit, there have been no cases of delisting.
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The reasons for listing abolition are usually violations of the current law or the discovery of technical vulnerabilities. In the case of some cryptocurrencies, transaction support has also been terminated due to false disclosures.
In fact, Upbit heard a’false disclosure’ on the 18th as the reason for the end of the transaction support of Go Money 2. Earlier, GoMoney 2 announced that it received investment from Celsius Network, a North American fund worth 5 trillion won, but Upbit explained that “As a result of the Celsius Network’s official response on whether to invest in GoMoney 2, it was confirmed that there was no investment.”
Delisting does not mean that the value of the cryptocurrency will disappear completely. In the case of cryptocurrency, the supported coins are different for each exchange, so even if the listing is delisted on one exchange, it is possible to transfer the cryptocurrency held by another exchange to continue trading. In fact, in the case of Go Money 2, the transaction on Upbit ended, but as of the 21st, it is still possible to trade on Bithumb.
However, if it is designated as a delisting target, it is often a bad thing and the market price collapses. It is inevitable that some investors holding the cryptocurrency also suffer enormous damage.
Some point out that exchanges are competing to list cryptocurrencies, causing damage to investors. As the cryptocurrency market grows, the battle for market share among exchanges intensifies, and there are cases where the technology and prospects are not verified to support the transaction of cryptocurrencies. Bithumb and Upbit, which are vying for the first and second place in the industry based on the number of users, are supporting transactions of 143 and 114 cryptocurrencies, respectively.
Experts advise that you need to be cautious before investing in altcoins. Jeong-geun Oh, chairman of the Korea Finance ICT Convergence Association, said, “There are only about 8800 virtual currencies registered on the’Coin Market Cap’, a marketplace information site. “Investors also need to clearly understand the marketability and purpose of the cryptocurrency before buying,” he said.
On the morning of the 18th, the bitcoin price is displayed on the display board of Upbit Lounge, a cryptocurrency exchange located in Gangnam-gu, Seoul. [연합뉴스]