Menu
  • Latest
  • Prices
  • NFT
  • Coins
    • Bitcoin
    • Ethereum
    • Cardano
    • Ripple
    • Solana
    • Shiba inu
    • Dogecoin
    • Algorand
    • Litecoin
  • GEO
    • Ukraine
    • China
    • India
    • South Korea
    • North Korea
    • El Salvador
    • Switzerland
    • Nigeria
    • Russia
    • Latin America
  • Wiki
Language:

Coin Prologue
  • Latest
  • Prices
  • NFT
  • Coins
    • Bitcoin
    • Ethereum
    • Cardano
    • Ripple
    • Solana
    • Shiba inu
    • Dogecoin
    • Algorand
    • Litecoin
  • GEO
    • Ukraine
    • China
    • India
    • South Korea
    • North Korea
    • El Salvador
    • Switzerland
    • Nigeria
    • Russia
    • Latin America
  • Wiki
  • News

Report: South Korean Crypto Exchanges to Create Body to Preempt Another Terra LUNA Type of Collapse

  • Ralph Smith
  • 14/06/2022
  • 1 view
  • 2 minute read
Total
0
Shares
0
0
0
0
0
0

Five Korean cryptocurrency exchanges said they intend to establish a consultative organization to help prevent the recurrence of Terra LUNA-style token collapses. The organization is expected to achieve its objectives by applying standards approved by the crypto exchanges.

Vetting Guidelines

Five of Korea’s leading domestic cryptocurrency exchanges said they plan to establish a consultative body tasked with preventing the recurrence of token collapses similar to the first iteration ofTerra’s LUNA. The consultative body will accomplish this by applying agreed-upon standards, the Exchange said.

The plan by the exchange was revealed at a meeting of the party government, according to a Yonhap Newsreport. The plan by the exchanges was revealed at a recent party-government meeting at the National Assembly, according to a Yonhap News report (23).

The decision by the five exchanges, Upbit, Bithumb, Coinone, Korbit, and Gopax, comes just weeks after they were criticized for their seeming indifference to the collapse of the former Terra (LUNA) cryptocurrency and Terrausd (UST) stablecoin.

According to the report, the five exchanges will initially take various preparatory steps prior to the launch of the review guidelines, including the signing of a business agreement as well as improvements to listing-related standards.

Reviewing tokens for signs of Ponzi schemes

Meanwhile, the Korean-language report also revealed that the advisory body will consist of the CEOs of the five exchanges and related working groups. In addition to compliance and market monitoring, the body will also prepare warning systems, set delisting criteria, and provide information on cryptocurrency white papers.

The agency will issue guidelines that will be used not only when listing cryptocurrencies, but also when vetting tokens for signs of Ponzi schemes, the report said. Recently, all exchanges announced the delisting of Litecoin (LTC), but pledged to cooperate in the event of another crisis similar to the terra fallout.

Image credits: Shutterstock, Pixabay, Wiki Commons

Coins: Terra
Country: South Korea
Ralph Smith

Cryptocurrency geek. Met with Bitcoin and altcoins back in 2011, when the price of BTC was about 10$. Writing articles since 2014 to these days.

You May Also Like
View Post
  • 1
  • 2 min

Report: Korean Central Bank to Gain Right to Probe Virtual Asset Entities After Financial Regulator Drops Opposition

View Post
  • 3
  • 2 min

Financial Analyst Charles Nenner Warns About the End of the US Dollar and Its Consequences

View Post
  • 2 min

Global Reserves Held in US Dollars Fell to Less Than 50% — Official States It Has Become a ‘Toxic’ Currency

View Post
  • 2 min

White House Economist Warns China Wants to Weaken US Dollar’s Reserve Currency Status — Senator Says Biggest Threat Comes From Within

View Post
  • 2 min

Putin and Saudi Crown Prince Discuss Potential BRICS-Saudi Arabia Collaboration

View Post
  • 2 min

Wallet Bot on Telegram Adds Bitcoin Support to Web Interface Following Tether Integration 

Recent Posts
  • Report: Korean Central Bank to Gain Right to Probe Virtual Asset Entities After Financial Regulator Drops Opposition

    View Post
  • Financial Analyst Charles Nenner Warns About the End of the US Dollar and Its Consequences

    View Post
  • Global Reserves Held in US Dollars Fell to Less Than 50% — Official States It Has Become a ‘Toxic’ Currency

    View Post
  • White House Economist Warns China Wants to Weaken US Dollar’s Reserve Currency Status — Senator Says Biggest Threat Comes From Within

    View Post
Coin Prologue Coin Prologue
Made with ❤️Love in 🇺🇦Ukraine ©2021 — 2022

Input your search keywords and press Enter.