Vulnerable Coin Is OUT… Three Cryptocurrencies Was ‘Delisted’ from Coinone for a Month

Four projects were subject to delisting over three months Delisted due to ‘the lack of trading volume’ “The trading volume of coins is different in each exchange” Some concern about ‘unnecessary stigma’

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The cryptocurrency exchange Coinone has delisted three cryptocurrencies in a month and started filtering out vulnerable coins. It aims to prevent risks, such as market manipulation of project, by sorting out cryptocurrencies that are difficult to maintain trading services due to the lack of minimum trading volume.

■Coins delisted due to the ‘lack of trading volume’

According to crypto industries on the 27th, Coinone has delisted a total of four cryptocurrencies for three months from October last year to the present. Three of them were recently delisted in a month. Delisted cryptocurrencies include Augur, Contents Protocol, Enjin, and Cosmo Coin.

Coinone said, “We will end support for the cryptocurrency trading because the reason for designation of the risk of delisting coin is unresolved.” And they announced to withdraw the cryptocurrencies until the end of withdrawal service support. The reason for the delisting of the four cryptocurrencies by Coinone is ‘an increase in the risk of market manipulation due to insufficient trading consistency and the lack of minimum trading volume’.

Coinone official said, “In case of delisted cryptocurrency, there was no daily trading volume or trading volume was tens of thousands of won.” “If the trading volume is greatly reduced, the order book becomes empty, and there is a risk of market manipulation by a few persons, so we designate it as the risk of delisting coin and if it is not improved, we will proceed with delisting,” he explained.

Coinone has also designated three cryptocurrencies, Streamr, Kyber, and Lambda, as ‘the risk of delisting coins’. These three cryptocurrencies were also designated as the risk of delisting coins due to the same reasons as the previously delisted cryptocurrencies. Especially, Lambda was classified as the risk of delisting coin in less than four months after it was listed officially on the Coinone.

■The market raises concerns about this

However, some people point out the delisting standard of Coinone is not convincing. Even with the same coin, each cryptocurrency exchange has a different trading volume, but stigmatizing it as a ‘delisted coin’ based only on the trading volume generated by Coinone can cause investor’s confusion.

An official of a blockchain project said, “When the blockchain service that can be used in real life is developed, the utilization of cryptocurrency will be increased and the trading volume will be higher, but there are few projects that have made such cases yet.” “I am concerned that the delisting standard of Coinone can be interpreted as the industry-wide judgment standard for blockchain projects,” he added.

In particular, it is known that the trouble is occurring in the process of negotiating normalization of trading between exchange and cryptocurrecny project designated as the risk of delisting coin.

An project official who was delisted from Coinone said, “Because of the most prominent two exchanges, such as Upbit and Bithumb in Korea, it seems that there is insufficient trading volume in Coinone.” “We received a proposal to increase the trading volume from the exchange, but we finally refused and went through the process of delisting,” he added.

Coinone official said, “During the monitoring period after the designation of the risk of delisting coin, we closely discuss whether there is a positive issue to the project team or if there is any significant progress on the development roadmap.” “The volume increase solution will be part of the improvement plan,” he explained.

He said, “We will try to find ways to reflect the improvements as much as possible so that it will not be delisted.” “We’ve got a two-week period of monitoring in the beginning, but we’ve been extending it up to three months recently, giving the project teams enough time to improve,” he added.

Kim So-ra(2020.01.27) “부실코인 OUT… 코인원 한달새 3개 ‘상폐'”
retrieved from http://www.fnnews.com/news/202001271811422996

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