Five cryptocurrency exchanges operating in South Korea seem to be on their way to delisting an altcoin project. Saying that South Korea’s DAXA members will delist Augur (REP), Upbit became the first exchange to remove REP from its list. Here are the detailsβ¦
Cryptocurrency exchange delisted altcoin project
In a recent announcement by Upbit, one of Korea’s leading crypto asset trading platforms, members of the Korea Digital Asset Trading Platform Association (DAXA) have decided to end trading support for Augur (REP). The decision came as a result of the Augur (REP) project not working properly and rendering its services almost unusable. Upbit has scheduled the delisting of Augur (REP) for July 13, affecting the REP/KRW and REP/BTC trading pairs. The Google translation of Upbit’s announcement page points to the following statements:
The Korea Digital Asset Exchange Association (DAXA), a regulatory agency made up of South Korea’s five largest cryptocurrency exchanges, Upbit, Bithumb, Coinone, Korbit, and Gopax, is actively working to establish unified standards and regulations for its members. As part of this effort, DAXA has published the “Internal Control Standards” and the “Code of Ethical Conduct for Virtual Asset Operators”. These guidelines aim to streamline operations and ensure ethical practices in the virtual asset industry.
REP price dropped
The decision to end trade support for Augur (REP) reflects concerns expressed by Upbit and other DAXA members regarding the performance and usability of the project. Augur (REP) has experienced a significant drop in the last 24 hours. Its value fell 18.82 percent. As of now, it ranks 384th with a market cap of $43,710,972. Augur (REP) is a decentralized oracle and prediction market protocol built on the Ethereum Blockchain. It allows users to create and participate in prediction markets where they can bet on the outcomes of real-world events. However, it seems that Augur (REP) has faced technical problems and shortcomings, which has led to a drop in user confidence and trading activity.
Upbit’s decision to delist Augur (REP) is a proactive measure aimed at protecting its user base and maintaining the integrity of the trading platform. Upbit aims to maintain the quality standards its customers expect and provide a seamless trading experience by removing a project that is deemed to be non-functional. The termination of trading support for Augur (REP) by Upbit and other DAXA members underscores the importance of solid project performance and usability in the crypto-asset space. As the cryptocurrency market continues to evolve, investors and traders demand projects that not only deliver on their promises but also deliver reliable and efficient services.
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