318 Delisted Coins from Top 5 Virtual Exchanges... 70% of Sole Listings Became Worthless

[Image source=Yonhap News]

[Asia Economy Reporter Ji Yeon-jin] It has been revealed that 318 coins listed and subsequently delisted on the top 5 domestic virtual asset exchanges.

According to data received on the 3rd from the Digital Asset Exchange Joint Council (DAXA) by Yoon Young-deok, a member of the National Assembly's Political Affairs Committee from the Democratic Party of Korea, the number of coins delisted from each exchange from 2017 to this year was ▲Upbit 187 ▲Bithumb 51 ▲Gopax 41 ▲Coinone 31 ▲Korbit 8, respectively.

The fee revenue earned by the top 5 domestic exchanges from these delisted coins exceeded 600 billion KRW. Upbit earned 498.2 billion KRW (based on BTC price of 28 million KRW as of October 2), Bithumb 116 billion KRW, Coinone 7.9 billion KRW, Gopax 5.2 billion KRW, and Korbit 400 million KRW, in that order. Regarding Upbit's fee revenue, applying the BTC price on the trading day over the past 5 years, Yoon's office stated that the fees earned by the 5 exchanges from trading delisted coins are expected to approach 1 trillion KRW.

Also, the number of coins that were delisted after being exclusively listed on each exchange was ▲Upbit 117 ▲Bithumb 37 ▲Gopax 34 ▲Coinone 24, respectively. The ratio of exclusively listed and delisted coins to total delisted coins by exchange approached 70%. This means that 7 out of 10 delisted coins were exclusively listed and then delisted by the exchange.

The average period until coin delisting was confirmed as ▲Upbit 23.9 months ▲Bithumb 19.3 months ▲Korbit 16.6 months ▲Coinone 10.2 months ▲Gopax 16.3 months.

Assemblyman Yoon Young-deok said, “7 out of 10 coins that were delisted were exclusively listed coins by the exchanges,” and added, “In particular, we will verify during this national audit the fact that coins delisted on Exchange A are still being traded on Exchange B.”