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S. Korean cryptocurrency exchanges thinning trading list to keep up with gov't regulation Updated: 2021-06-16 16:43:43 KST

In an effort to keep up with the government's regulations on the cryptocurrency market, South Korean exchanges are increasingly weeding out their trading lists.
They are temporaily halting or even completely ending the trading of certain high-risk minor coins.
As of Wednesday eleven out of the twenty exchanges that have received the Information Security Management System certificate needed to be allowed to operate, have either halted trading of some coins or released a list of coins that customers should be cautious of.
Leading the trend is Korea's Upbit, which has decided to delist five coins Paycoin, Maro, Observer, Solve.Care and Quiztok from the exchange from Friday noon while putting 25 coins on its warning list.
While suspending trading of coins is quite common, industry watchers assume that the current trend comes in order to meet conditions for the government's regulatory approval.
Last month, the government officially designated the Financial Services Commission as the agency responsible for supervising and regulating the cryptocurrency market.
Now to operate as a legal trading platform, exchanges in Korea are required by September 24th to open real-name bank accounts for customers by partnering with local banks.
The exchanges' moves to comply with these regulations however has created a market frenzy.
The prices of all five coins that Upbit announced it would halt trading saw a sharp drop, Quiztok falling almost 68 percent.
Experts warn that this could cause confusion in the market as such actions are taken based on the exchanges' own standards, especially when the same coins can be still traded on other exchanges.
The Financial Supervisory Service on Monday emailed the exchanges, asking them to provide a list of the coins being halted or put on a warning list, and could strengthen regulations even further.
Kim Sung-min, Arirang News
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