Briefly –
– Upbit Crypto exchange flags 25 virtual coins with a cautioning notice.
– The exchanges warn about the alternative coins for four similar reasons.
– Moreover, Upbit suspends cash deposits for the 25 cryptocurrencies.
A South Korean crypto brokerage firm, Upbit, posted investment advice, warning about multiple cryptocurrencies. Komodo (KMD0 is among the 25 virtual coins that the exchange flagged.
In its official notice, the crypto company declared to take the move to ensure that investors do not put their money in questionable objects. Moreover, Upbit adjourned deposits to the entire 25 coins, effective from the notice’s announcement.
Other affected alternative coins include NXT, BASIC, Syscoin (SYS), ITAM, Byte Token (VITE), RINGX, Red Coin (RDD), PICA, Pixel (PXL), Endor (EDR), and Lambda (LAMB). Also, Twelve Ships (TSHP), Einsteinium (EMC2), D-Market (DMT), IFNIS, LBR Y Credit (LBC), and ADX. Moreover, Aragon (ANT), PRO, Ripio Credit Network (RCN), Flian (PI), Fusion (FSN), Nucleus Vision (NCASH), and BFT Token (BFT).
The crypto firm stated four reasons behind their concerns on the given crypto coins. Firstly, Upbit said that the currencies do not have business and competency. Secondly, the coin’s owners failed to respond and reveal vital information. The third reason is that the team managing these assets lack technical competency.
Finally, the 25 digital coins didn’t meet the exchange’s internal standards for a detailed assessment for universal liquidity.
Upbit plans another review of the assets for a final decision. That is to terminate final transaction services by the coming week. The exchange declared that assets that failed to solve designation reasons would not pass the review.
Also, Upbit declared that the asset terminations and designations would adhere to its support termination protocols.
Keep in mind that the crypto market has been witnessing new things each day. Governments, financial analysts, and exchanges seem to scrutinize the crypto market. However, most of the regulators report customer protection as the reason behind the clampdowns.
For that reason, you have to be careful with what happens in the market each moment as an investor or crypto fun. Moreover, be more alert when dealing with lesser-known altcoins to avoid investing in assets that will not exist the following week.
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