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Upbit Raises Investment Warning on 25 Altcoins

Upbit Raises Investment Warning on 25 Altcoins
  • Upbit exchange has flagged 25 digital assets with a warning
  • Upbit flagged the assets for the same four reasons
  • Also, the exchange has suspended deposits for all 25 assets

Upbit, a South Korean cryptocurrency exchange, just posted an investment warning for 25 digital assets. The 25 affected assets include Komodo (KMD).

In an official notice, the exchange highlighted that the designation was to protect investors from investing in questionable assets. In addition, the exchange has suspended deposits for all 25 assets from the time the notice was posted.

The other affected assets include ADX, LBR Y Credit (LBC), IGNIS, D-Market (DMT), Einsteinium (EMC2), and Twelve Ships (TSHP). Plus, Lambda (LAMB), Endor (EDR), Pixel (PXL), PICA, Red Coin (RDD), RINGX, Byte Token (VITE), ITAM, Syscoin (SYS), BASIC, and NXT. Finally, BFT Token (BFT), Nucleus Vision (NCASH), Fusion (FSN), Flian (PI), Ripio Credit Network (RCN), PRO, and Aragon (ANT).

In fact, the crypto exchange gave four reasons for designating the assets as stocks of concern. The first reason was that the asset lacked competency and business. Secondly, the asset teams failed to communicate and disclose important information. Thirdly, the teams lacked technical competency.

The final reason, all the assets failed to meet Upbit’s internal standards for comprehensive evaluation of global liquidity.

For the next week, Upbit will review the flagged assets to determine if final transaction support will be terminated. Failure of the review period will be based on the asset failing to resolve the reasons for designation. The exchange reported,

Upbit will notify the end of the transaction support through a separate notice, and the exact transaction support end schedule will be announced through the transaction support termination notice.

Finally, the notice also stated that all asset designations and terminations are in line with Upbit’s trading support termination policy.

Avid reader and writer with a passion for sharing crypto news and trends. Uses her background in finance to help readers better understand the crypto market and investments. Hopes to see mainstream crypto adoption in the near future, especially in Africa.