Top South Korean Exchanges are Allegedly Planning to Establish a Joint Crypto Consulting Group

South Korean media has announced that the country’s top five crypto exchanges will establish a joint crypto consulting group for decision-making in the second half of 2022. Following the collapse of the Terra ecosystem last month, which resulted in a more significant crypto market crash, the decision was made. As a result, YNA reported that Upbit, Bithumb, CoinOne, Cobit, and Gopax, among other exchanges, have collectively pledged to prevent Luna-like situations through the consultative council. Joint Crypto Consulting Group The CEOs of all five exchanges are expected to be part of the body, which will be separated into Transaction Support, Market Surveillance, and Compliance Monitoring sectors with appropriate working employee distribution. The collective’s responsibilities would include setting universal screening criteria for trading support (listing) and “Restoring the Fairness of the Virtual Asset Market and Protecting Investors” through establishing and improving domain standards. This effectively means that South Korea’s crypto exchanges will decide to delist various cryptocurrencies on the same table based on money laundering assessments, issuance without disclosure, rapid fluctuations in circulation volume or price, and so on. Advertising cryptocurrency-related products are also likely to require an investment warning starting in July. The advisory group is expected to build a cryptocurrency warning system and delisti...