The number of coins listed on domestic exchanges has increased more than 10 times in 3-4 years. At the same time, false disclosures are increasing and the number of coins whose transaction support is ending is increasing, which requires investors’ attention.
When Upbit was established in October 2017, only one bitcoin was listed on the won market, but as the number of coins to be listed gradually increased, 114 coins are being traded as of the 19th.
Bithumb, which opened on January 5, 2014 under the name of Excoin, had only 8 coins listed on May 18, 2017, three years after its establishment. When Quantum went public on October 20 of that year, it filled 10, and now the number of coins has increased to 143.
Coinone, which officially opened an exchange in October 2014, also started its first transaction with one bitcoin, but the number of listed coins increased to 181. Cobit, the first cryptocurrency exchange in Korea, which opened in July 2013, currently has only 30 coins, but it plans to activate listing this year.
While the number of listed coins increased rapidly, the number of coins disappearing from the exchange also increased. At Bithumb, 37 coins have been delisted from November 2019 to the present. 14 coins were withdrawn from Upbit as well.
In general, each exchange decides to delist after designating a transaction-related item when it is found that there is a violation of the law, inappropriate use of coins, or technical vulnerabilities. Investors need to be cautious because price volatility increases when designated as a transaction-related stock.
False disclosure is also a problem. Unlike the stock market, there is no legal regulation on disclosure in the cryptocurrency market. For cryptocurrencies that do not have clear positives such as corporate performance, the price of cryptocurrency fluctuates sharply when public announcements are made.
Recently, Upbit’s coin’Go Money 2′, which was listed on the’Bitcoin Market’, was delisted after controversy. Unlike the KRW market, the bitcoin market is a place to buy and sell other virtual assets with bitcoin.
Go Money 2 announced that it had received investment from Celsius Network, a massive North American fund worth 5 trillion won, but it turned out to be false.