On June 18, UPbit announced the results of a weeklong internal inspection of 25 digital assets that had been flagged for further review. Of these coins, 24 were delisted while the 25th, BASIC, remains on the flagged list pending additional fact finding.
The 24 delisted coins are KMD, ADX, LBC, IGNIS, DMT, EMC2, TSHP, LAMB, EDR, PXL, PICA, RDD, RINGX, VITE, ITAM, SYS, NXT, BFT, NCASH, FSN, PI, RCN, PRO, and ANT.
UPbit indicated that each of these digital assets would be removed from Upbit no later than June 28, 2021, at 12:00 PM (KST).
UPbit provided reasons for delisting each coin. KMD was removed due to the lack of an explanation as to the anonymous transmission function. ADX was removed due to lack of confidence in team capability and business, and LBC ranked low due to the project’s business performance and activity on the blockchain network.
IGNIS also had an anonymous transmission function and low global liquidity score. DMT and PRO was found lacking in team capacity and blockchain network activity. TSHP did not perform well in mining virtual assets. LAMB and EDR did not meet competency and network activity standards. PXL and PICA identified distribution and market selling that were not disclosed to investors through an abnormal transaction detection system. “We proceeded with the clarification process, but based on our strengthened judgment standards, we finally decided that the act was a fatal problem that could not be recovered,” UPbit revealed in its statement.
Meanwhile, RDD and RINGX did not meet the evaluation criteria for team competency and business. VITE, ITAM, NXT, and FSN did not meet the standards for business performance in the field of blockchain platform and mainnet operation, and SYS did not meet the standards due to the anonymous transmission function. EMC2, BFT, NCASH, PI, RCN, and ANT did not reply to UPbit’s requests for additional information, leading to their deslistings.
BASIC was the only digital asset to avoid immediate delisting. UPbit clarified that BASIC would be given additional time and runway to clear the exchange’s legal and business standards for cryptocurrency projects.
