[Asia Economy Reporter Oh Hyung-gil] Financial authorities have begun managing delisted and caution-listed cryptocurrencies (coins) that carry high investment risks. Recently, investor dissatisfaction grew as the cryptocurrency exchange Upbit suddenly removed (delisted) or designated 30 coins as caution-listed.
According to the Financial Supervisory Service (FSS) and the industry on the 14th, the FSS sent emails to about 20 cryptocurrency exchanges, mainly those certified with Information Security Management System (ISMS), requesting "a list of coins that were delisted or designated as caution-listed from the 7th to the 16th of this month."
An FSS official explained, "This is to understand market trends," adding, "We requested the list of recently delisted or caution-listed coins by the 16th and asked to share any delisting or caution-listing decisions made thereafter."
The authorities' effort to identify delisted and caution-listed coins was influenced by the recent incident where Upbit designated as many as 30 coins as delisted or caution-listed at once.
On the 11th at 5:30 PM, Upbit announced through its customer center notice, "We inform you of the removal of the KRW market pairs for Maro (MARO), Paycoin (PCI), Observer (OBSR), Solve.Care (SOLVE), and QuizTok (QTCON)."
Additionally, 25 coins including Komodo (KMD), AdEx (ADX), and LBRY Credits (LBC) were designated as "caution-listed."
Upbit explained the reason, stating, "Based on internal criteria comprehensively evaluating team capability and business, information disclosure and communication, technical capability, and global liquidity, we judged that measures to protect investors are necessary." Consequently, the prices of the related coins plummeted, causing significant confusion among investors.
An FSS official said, "Since there were many news reports about coin delistings last week, we also requested exchanges to inform us to understand the current situation."
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