TL;DR Breakdown
• Upbit has marked 25 digital currencies with a warning.
• Among the digital assets marked with a red flag is Komodo (KMD).
Upbit Exchange is a South Korean cryptocurrency exchange platform and has flagged 25 digital assets as an investment warning. The platform has also suspended the deposits of these 25 assets.
Digital assets affected by the warning include Komodo (KMD). In the official notice, the exchange stated that the warning was to protect all investors from trading assets that are unreliable and questionable.
Upbit published the warning to protect its investors
South Korea’s top cryptocurrency exchange has just released an investment warning statement. In the statement, 25 digital altcoins are affected, which include LBR, ADX, IGNIS, Credit (LBC), D-Market (DMT), Twelve Ships (TSHP), and Einsteinium (EMC2).
Cryptocurrencies such as Lambda (LAMB), Pixel (PXL), Endor (EDR), PICA, RINGX, Red Coin (RDD), Byte Token (VITE), BASIC, ITAM, NXT, and Syscoin (SYS) also appear. The list also has BFT Token (BFT), Fusion (FSN), Nucleus Vision (NCASH), PRO, Flian (PI), Aragon (ANT), and Ripio Credit Network (RCN).
Upbit has also given four reasons for including these digital assets in the warning and stocks of interest. The first reason is that the assets lack business and competition. The second reason is that the cryptocurrency teams could not disclose or communicate important information.
The third reason is that the teams have no technical competence. And the final reason is that all cryptocurrencies do not meet the standards required by the platform to assess global liquidity.
Upbit will conduct investigation about the altcoins
In the coming weeks, the exchange will take the time to review all the assets mentioned in the release to determine if it will end support for them finally.
Failure to comply with the period established for the review will be because they cannot resolve the reasons for designation. The exchange platform also reported that it would notify the end of transaction support using a separate notice.
The schedule for completing the operations support would be announced through an investigation completion notice. The notice also indicated that cryptocurrency endings and designations align with the exchange platform’s trade support termination policy.
Upbit is a South Korean exchange platform launched on October 24, 2017. It was developed helped by the American cryptocurrency association Bittrex. Sirgoo Lee was appointed the Dunamu CEO, who is the Upbit parent company.
By December 2017, Chi-Hyung Song, the founder and Dunamu CEO, took over as president. Within months of its launch, this exchange became one of the leading cryptocurrency platforms in the world in terms of transaction volume.
