The South Korean cryptocurrency exchange Bithumb will begin monthly to review the list of traded crypto assets and stop trading in coins and tokens that have poor market performance.
The audits will determine if the coins and tokens on the listing can continue to bid. Inspections will be conducted by the newly formed Listing Review Committee starting in September.
Bithumb is the eighth largest exchange in the world in terms of trading volume and the largest cryptocurrency trading platform in South Korea.
A Yonhap report says that notifications will be sent to problem cryptocurrency operators, and if there are no improvements, they will be delisted in two months. The exchange has established a number of conditions that may become a reason for exclusion from listing. These include low trading volume, low market capitalization, lack of support from developers, problems with basic technology, illegal activities and requests from governing bodies. Bithumb states that the committee will include lawyers and other professionals, and that the process will be fair and transparent.
“We will tighten control over technology development and the usefulness of cryptocurrency projects,” says Bithumb.
Late last month, it was reported that South Korean cryptocurrency sites Korbit, Upbit, Bithumb and Coinone collided
with tougher bank requirements due to recently introduced rules
FATF. Recall also that in July the Bithumb exchange was presented
lawsuit for failure to protect customer data.