South Korea’s most renowned cryptocurrency exchange Upbit has announced the delisting of 5 cryptocurrencies. On Friday, Upbit removed Maro, Paycoin, Observer, Solve.Care and Quiztok from their exchange list. Upbit’s decisions are purely based on the recent regulations imposed by the financial judiciary.
Upbit’s Decision
Upbit has announced the removal of 5 different coins from their list from Friday. Also, it has further posted warning issues for 25 cryptocurrencies. Upbit puts forth all these coins were not up to the standards internally for maintaining a fair share in the market.
Consequently, the price dropped tremendously for all these 5 delisted coins over the past weekend. The price of Maro dropped from 285 won, equivalent to $0.26 to 79 won. This depicts a plunge of 70% overall. Likewise, the price of Paycoin fell to 428 won from 1170 won. This is more than a 50% plunge. Furthermore, all these coins mentioned fall from the period between Friday to Sunday. Also, it’s evident that all their prices nearly dropped more than half their price before Upbit’s decision.
In addition, being the largest cryptocurrency exchange of South Korea, it has issued warnings to 14% of their total listed coins. Upbit enlists an overall of 178 coins upon its exchange list platform.
Besides, Upbit’s such radical reasons are solely due to various regulations imposed by the government. Not only Upbit, many other crypto exchanges face the same consequence.
The Financial Intelligence Unit (FIU), under the Financial Service Commission, is responsible for all this. The Financial Intelligence Unit (FIU) tracks down all the illegal flows of investments upon the crypto market. The FIU has instructed over 33 crypto exchanges upon a field consultation before 24th September. All the exchanges are to follow upon the regulations and rules and abide by the Specific Financial Information Act.
The Five Task Forces
The FIU is subdivided into five task forces under the Financial Service Commission. These 5 task forces are depicted as groups. The five task force groups are Daily Situation, Reporting and Response, On-the-spot Consulting, Capital Market, and System Improvement.
The function of the Daily Situation group is to monitor all the cryptocurrency market statistics. The Reporting and Response group is into registrations and reporting of crypto exchanges. The On-the-spot Consulting group is for guiding the exchanges through report registration. The Capital Market group denotes all the capitals based upon the exchanges. The System Improvement group is for continuously the complete cryptocurrency market.
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