South Korean exchange Upbit has recently warned its users about 25 altcoins. For those who are unaware, Upbit is a relatively new South Korean exchange that was launched in April of this year. At the time of writing, the exchange ranks number 4 on CoinMarketCap, with a daily trading volume of more than $100 million.
In light of recent reports of coin exchanges losing user funds, Upbit, a South Korean cryptocurrency exchange has issued an announcement warning users about the risks of investing in altcoins.
The South Korean bitcoin exchange Upbit has issued a warning that it will be banning users trading in 25 cryptocurrencies, as part of its self-imposed policy to prevent market manipulation.Summary of the situation – Upbit reported 25 digital currencies with a warning. – Among the digital assets marked with a red flag is Komodo (KMD). Upbit Exchange, a South Korean cryptocurrency exchange platform, has flagged 25 digital assets as investment warnings. The platform also suspended the deposits of these 25 assets. One of the digital assets affected by the warning is Komodo (KMD). In an official statement, the exchange said the warning was issued to protect all investors from trading in dodgy and dubious assets.
Upbit has issued a warning to protect its investors.
The largest cryptocurrency exchange in South Korea has just issued a statement warning against investment. The release said 25 digital altcoins are involved, including LBR, ADX, IGNIS, Credit (LBC), D-Market (DMT), Twelve Ships (TSHP) and Einsteinium (EMC2). Cryptocurrencies such as Lambda (LAMB), Pixel (PXL), Endor (EDR), PICA, RINGX, Red Coin (RDD), Byte Token (VITE), BASIC, ITAM, NXT and Syscoin (SYS) are also on the rise. BFT Token (BFT), Fusion (FSN), Nucleus Vision (NCASH), PRO, Flian (PI), Aragon (ANT) and Ripio Credit Network (RCN) are also in the list. Upbit also listed four reasons to include these digital assets in alerts and interest rate actions. The first reason is that there is a lack of activity and competition in the facilities. The second reason is that the cryptocurrency teams have failed to disclose or communicate important information. The third reason is the lack of technical competence of the teams. The final reason is that not all cryptocurrencies meet the standards required by the platform to assess global liquidity.
Upbit will investigateAltcoins
In the coming weeks, the Exchange will take the time to review all assets listed in the press release to decide whether to permanently discontinue them. If the deadline for review is not met, they cannot address the reasons for the appointment. The exchange platform also said it would notify the company of the end of trading support in a separate announcement. The timing of the end of the operational support will be announced in the closure notice. The notice also states that the termination and designation of the cryptocurrencies is consistent with the exchange platform’s policy of ceasing to support exchanges. Upbit is a South Korean exchange platform launched on 24. October 2017 launch. The American cryptocurrency organization Bittrex helped with the development. Sirgu Lee has been appointed CEO of Dunamu, Upbit’s parent company. In December 2017, Chee-Hyung Song, founder and CEO of Dunamu, took over as chairman. Within months of its launch, this exchange has become one of the world’s leading cryptocurrency platforms in terms of trading volume.South Korean cryptocurrency exchange Upbit issued a warning to its customers today, advising them against trading in 25 altcoins, which include the likes of Monero, Zcash, and Tron. The exchange said that it has identified these coins as potentially malicious, due to their high price fluctuations, high market volatilities, and low liquidity. “These altcoins may be a target for hackers looking to steal your coins,” the company warned.. Read more about upbit listing fee and let us know what you think.
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