Because the starting of June, a complete of 37 altcoins have been delisted from 20 cryptocurrency exchanges in Korea which obtained the Info Safety Administration System (ISMS) certification.
Market watchers anticipate that the eviction of altcoins will proceed not solely at small and medium-sized exchanges but additionally at massive exchanges which have real-name financial institution accounts corresponding to Upbit, Bithumb and Coinone. Exchanges should have real-name financial institution accounts to dealer Korean won-based transactions beneath the revised Act on Reporting and Utilizing Specified Monetary Transaction Info, which is scheduled to turn out to be efficient in September. In evaluating exchanges, banks will give disadvantages to these with many altcoins.
Moreover, the Monetary Supervisory Service on June 14 requested exchanges to submit an inventory of cash which might be extremely dangerous or be delisted each day in the intervening time. Monetary authorities started to conduct due diligence on exchanges on the day. As a consequence, exchanges are beneath strain to delist altcoins.
Nevertheless, some analysts say that the eviction of such altcoins will proceed step by step as a result of the eviction of a lot of cash directly can have a huge impact available on the market. Because of this, considerations are rising that buyers in such altcoins could undergo big monetary losses.