Cryptocurrency Market Still Without Rules – Businesskorea – BusinessKorea

Coinbit has postponed the delisting of eight cryptocurrencies, sending their prices through the roof.

Cryptocurrency exchange Coinbit suddenly postponed the delisting of eight cryptocurrencies on June 23, and then the prices of the coins surged up to 39 times from the previous day. The eight are LEX, IO, PTO, UPT, DEX, PROTO, DXR and NET.

The exchange announced at 22:00, June 15 that those would be delisted at 20:00, June 23. The postponement was announced at around 17:00, June 23.

As of 16:30, June 24, UPT, LEX and DEX rose 3,881.81 percent, 3,617.14 percent and 1,022.58 percent from the previous day, respectively. Previously, the prices of the coins plunged about 80 percent immediately after the delisting announcement.

It is said that the exchange’s decision is to avoid litigation with coin issuers. At present, such litigation is going on between UPbit and the QTCON, PXL and PICA issuers.

These days, cryptocurrency exchanges are announcing delisting one after another without clear explanations. UPbit announced on June 11 that 24 cryptocurrencies may be potentially delisted. On June 17, Bithumb announced that AE, AOA, DVC and DVP would be delisted. Both did not explain why.

It is said that exchanges will continue to remove minor cryptocurrencies. This is because the South Korean government and partner banks are maintaining their view that an exchange handling more minor cryptocurrencies are more vulnerable to the risk of money laundering. According to industry sources, the fundamental solution is institutionalization, that is, controlling cryptocurrencies under the government’s clear criteria.

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