On August 23, Korean exchange Bithumb announced that they would be reviewing the cryptocurrencies that are listí on their exchange to determine which ones would remain. This will now become a monthly process for the second-largest exchange in South Korea.
This is a process that has recently been conducted on many exchanges worldwide. As several currencies, assets, and tokens have become dormant or lost value, some exchanges have looked to take the proactive step of removing them from their listing. Now, Bithumb is looking to do the same thing.
A committee has been put together, which will now examine the daily trading volume of each cryptocurrency. This same committee will determine a set of standards and will then make a determination upon whether a currency will remain on their listing based upon the standards.
A spokesperson for Bithumb explained, “We will strengthen the check on technology development efforts and utility of cryptocurrency projects. We will take the lead in protecting investors by creating a transparent and safe trading environment.”
This committee will begin operations in September and will meet on a monthly basis. What exact standards will be used to determine whether a digital asset remains on their listing has not been revealed, and may not have even been determined quite yet, but it has been made clear that those currencies that do not meet the standards over a 60 day period will be removed. It is assumed that officials for each digital currencies if they exist, will be informed of the standards so that attempts can be made to meet them before being dismissed.
The committee will be made of lawyers and professors, bringing legal, financial, and technical expertise in making this determination.
This appears to be a very positive step for Bithumb, which has been facing some issues over the last two years. In June, they were prosecuted by a South Korean court for failure to protect sensitive information of customers. This came just two months after it was reported that the company had suffered a $180 million net loss.
However, not all news has been bad of late. On August 9 Bithumb created a partnership with Singapore’s Bitholic exchange. Bitholic will now be referred to as Bithumb Singapore as part of the new agreement.
It is this kind of roller coaster year that the company is looking to tamp down, and reevaluating their exchange to ensure that the assets being offered are truly beneficial to customers looks to be a positive step in that direction. It also served notice to failing assets that their days may be numbered.
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