Bithumb to re-evaluate whether cryptocurrencies every month
Korean cryptocurrency exchange operator Bithumb has launched a committee that will review all of the cryptocurrencies on its exchange and determine whether they are eligible to continue being traded on the exchange or not. The eligibility review All cryptocurrency exchanged on Bithumb will be reviewed on a monthly basis to determine whether it will continue to be traded or not. Those that fail to meet the evaluation standard will be given warning and a two month grace period. If no improvements are made within the given period, the cryptocurrency will be delisted. Conditions of being delisted △A coin has a consistently low transaction rate △A coin’s market capitalization drops to less than its initial listing price for more than a month △The cryptocurrency developer offers no support or project participation △The cryptocurrency or related blockchain technology loses its use or faults are found △A coin is used for criminal means or is connected to a crime △The cryptocurrency foundation requests that a coin is delisted Members of the committee The evaluation committee, which will be launched in September, will consist of lawyers and college professors as well as experts in technology and fintech. Jess' note Coinone on Aug. 13 announced its own standard on coins it will be delisting from its exchange. Upbit last month started notifying investors on coins that could be taken off its exchange. The cryptocurrency Mercury was the first to go, and since then Upbit has disclosed three additional coins that could be taken off its exchange. Cryptocurrency exchange operators are raising awareness about unhealthy projects. Exchange operators, which recklessly listed coins last year, are finally taking action to avoid damage caused by overexcited ICO investments.