Jobcoin Domino delisting… Investors will pass

As the government began to cover up cryptocurrency exchanges, exchanges are starting to ‘clean up job coins’ one after another. After Upbit, ‘Coinbit’, the third largest cryptocurrency exchange in Korea in terms of transaction volume, abruptly announced the delisting of its coins in the middle of the night, raising complaints from investors.

According to the cryptocurrency industry on the 16th, Coinbit announced the end of transaction support for 8 types of coins and the designation of 28 types of significant stocks at 10:02 pm on the 15th in a notice titled ‘Virtual asset transaction support related information’.

Terminating transaction support means delisting the coin. There are eight coins to be terminated, including LEX (LEX), IO (IO), Pantheon (PTO), UPT, DEX (DEX), Proto (PROTO), Dexter (DXR), and Next (NET). The exact end of the transaction support is at 8:00 PM on the 23rd of this month. Coinbit said, “These virtual assets are only supported with withdrawals as of the current time (10:02 on the 15th).” Withdrawals are possible until June 29th at 8pm.

28 coins, including Metro Road (MEL) and Survey Block (SBC), were designated as important items. Designation of stocks of interest is the pre-stage of delisting. The final transaction review for these coins will be held on the 23rd.

Coinbit does not have a real-name bank account, so it is not classified as one of the four largest cryptocurrency exchanges in Korea. However, in terms of transaction size, it is a large exchange that is ahead of Korbit and Coinone, which require real-name account verification. There are about 70 cryptocurrencies in the KRW market traded on Coinbit, and the fact that more than half of them, 36, were delisted or designated as significant stocks is like acknowledging that more than half of them were ‘bad coins’.

As has always been the case when cryptocurrency exchanges announcing delisting and designation of significant stocks, Coinbit also explained the background of this decision with vague expressions. In the announcement, Coinbit stated, “It did not meet the internal transaction support screening criteria that evaluate global liquidity such as team capabilities, business communication and technical capabilities.”

Coinbit’s surprise announcement only hurts investors. Many of the coins that were decided to be delisted plummeted by more than 80% on the morning of the 16th compared to 24 hours ago. Coins designated as stocks of concern are also on a sharp decline in sell-off and trading volume.

In the context of the decision of Coinbit, the industry is analyzing whether the exchange may have taken the process of cleaning up ‘jobcoins’ in advance to survive in a situation where the government is cleaning up virtual currency exchanges. Coinbit is one of 20 exchanges that have certified the acquisition of the Information Security Management System (ISMS).

According to the exchange industry, 11 out of 20 exchanges that have obtained ISMS certification have announced the end of coin trading support (delisting) or designated a coin to be considered for trading since the 28th of last month, when the government-level virtual currency market management plan was announced.

Among the exchanges that have taken such measures since May 28, Huobi Korea and Gdac decided to delist coins named after exchanges, such as ‘Huobi Token’ and ‘Gdac Token’, respectively. Huobi Token was issued by Huobi Global, not Huobi Korea, and technically, it is not Huobi Korea’s own issued coin. In the case of Gdak Token, it is a coin issued by Gdak. Exchange Aprobit designated a total of 11 coins, including Bancor (BNT), BZRX (BZRX), and Kyber (KNC), as investment considerations in the KRW market on the 1st of this month, and announced the end of transaction support for these coins 10 days later. did.

In addition, Upbit, the No. 1 player in the cryptocurrency exchange industry, designated 25 coins as important items on the 11th and announced the removal of 5 coins from the Korean won market. An exchange official said, “After the announcement of Upbit’s delisting, other exchanges are in an atmosphere that cannot stand still.” .

By Nam Jeong-hoon, staff reporter [email protected]

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