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New reports from South Korea reveal that several top cryptocurrency exchanges in the region have carried out mass delisting of many altcoins to stimulate a better relationship with the banks. According to local reports on Tuesday, these exchanges took this step to better their chances of partnering with banks that offer real-name accounts for their virtual clients.
This new development comes a few weeks after the South Korean authorities ordered that exchanges should begin reporting their activities to the Korea Financial Intelligence Unit (KoFIU). To fulfill this order, cryptocurrency exchanges have to partner with banks to issue real-name accounts for their customers. The authorities noted that failure to adhere to the new requirement would result in the immediate shut down of defaulting exchanges.
The Korean government argued that the more digital assets an exchange offers, the more vulnerable it becomes to money-laundering acts and other crypto-related fraud.
The Korean government began to notice the rapidly growing number of altcoins on crypto exchanges in the region in May. According to reports, the authorities showed deep concern over the trading of hundreds of altcoins with little or no value.
In Korea, cryptocurrency exchanges possess the capacity to delist or list any digital asset of their choosing without the government’s consent. Consequently, hundreds of unscrutinized altcoins have made their way into the crypto space on top Korean exchanges.
To play to public sentiments, these exchanges hastily list coins that have gained massive demand in the crypto space, which causes the trading volume of these coins to surpass those of prominent coins like Bitcoin sometimes. This issue explains the recent actions by exchanges in Korea.
Several Cryptocurrency Exchanges have Started Delisting Altcoins
Last Friday, Upbit, the largest cryptocurrency exchange in Korea by trading volume, announced that it would delist 24 altcoins by June 28. Meanwhile, Bithumb already delisted four altcoins last Thursday.
Coinbit has delisted eight altcoins and placed 28 others on a warning list. Additionally, Probit has delisted a total of 145 altcoins.
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