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Usha Yadav
Jun 14, 2022
by Usha Yadav

Top South Korean Exchanges are Allegedly Planning to Establish a Joint Crypto Consulting Group

Crypto Consulting Group

Table of contents

  1. Joint Crypto Consulting Group
  2. Binance has Joined the South Korean Stock Exchanges
South Korean media has announced that the country's top five crypto exchanges will establish a joint crypto consulting group for decision-making in the second half of 2022. Following the collapse of the Terra ecosystem last month, which resulted in a more significant crypto market crash, the decision was made. As a result, YNA reported that Upbit, Bithumb, CoinOne, Cobit, and Gopax, among other exchanges, have collectively pledged to prevent Luna-like situations through the consultative council.

Joint Crypto Consulting Group

The CEOs of all five exchanges are expected to be part of the body, which will be separated into Transaction Support, Market Surveillance, and Compliance Monitoring sectors with appropriate working employee distribution. The collective's responsibilities would include setting universal screening criteria for trading support (listing) and "Restoring the Fairness of the Virtual Asset Market and Protecting Investors" through establishing and improving domain standards.

This effectively means that South Korea's crypto exchanges will decide to delist various cryptocurrencies on the same table based on money laundering assessments, issuance without disclosure, rapid fluctuations in circulation volume or price, and so on. Advertising cryptocurrency-related products are also likely to require an investment warning starting in July. The advisory group is expected to build a cryptocurrency warning system and delisting standards by September and provide crypto evaluation and white papers. In the event of another Luna-like incident, the article stated that a decision would be made to halt cryptocurrency deposits and withdrawals.

Binance has Joined the South Korean Stock Exchanges

The leading local exchanges have set a timetable for delisting Litecoin on collective decision-making by sales in South Korea. Binance has entered the queue due to a slew of similar announcements following the Litecoin MimbleWimble Extension Blocks (MWEB) upgrade.

 

 

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Binance Bithumb Upbit Joint Crypto Consulting Group
Top South Korean Exchanges are Allegedly Planning to Establish a Joint Crypto Consulting Group
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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