Upbit Delists Five Cryptocurrencies Ahead Of the South Korean Regulatory Deadline

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South Korea-based crypto exchange, Upbit, announced earlier today that it would be delisting five cryptos this June 18, particularly Paycoin, Solve.Care, Quiztok, Maro, and Observer. According to the exchange, the following cryptocurrencies failed to meet the country’s required expectations for market fairness. Notably, Upbit’s announcement sparked a significant downward trend for the five cryptos specified.

Aside from Upbit, several reports imply that 11 out of 20 exchanges granted by a Security Management System certificate have also been forced to take action to mitigate the mounting pressure exerted by the tumultuous South Korean regulations. On top of that, the country’s Financial Supervisory Service has also reportedly contacted several other crypto firms specifically to request the details of their respective delisted digital assets.

In addition to the five assets mentioned, Upbit has purportedly flagged another 25 tokens for reexamination – about 14% of the total coins currently listed on its platform. The firm cites four principal reasons for such urgency: the coins’ doubtful technical prowess, their team’s overall competency, unnecessary public information disclosures, and lack of global liquidity. That being said, it’s safe to assume that another wave of delisted cryptos would be announced soon.

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