To protect the country’s investors, South Korea’s top five crypto exchanges are forming a joint council to monitor the listing and delisting of cryptocurrencies.

See related article: S. Korea finance regulator to audit Terra and related exchanges

Fast facts

  • Upbit, Bithumb, Coinone, Korbit and Gopax, five exchanges authorized to provide cash-to-crypto services in Korea, will form a joint council that will establish token listing standards, and communicate with each other in “unforeseen situations.”
  • Beginning in September, the council aims to prepare token delisting standards, a warning system for possibly unsafe assets, and prepare white papers and evaluation reports, an agreement announced in the National Assembly meeting on Monday said.
  • In October, the council will prepare a guideline for listing cryptocurrencies and reviewing tokens for any signs of a Ponzi scheme, the exchanges said.
  • The exchanges also promised to respond in unison within 24 hours to any crisis like Terra-LUNA.
  • Beginning in January 2023, the voluntary council plans to mandate that new crypto investors watch an educational video on digital assets before being allowed to trade.
  • According to local media reports, the agreement was prompted by criticism that varying responses from exchanges to the Terra-LUNA crash increased confusion among investors.

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