BREAKING NEWS

11.August 2022

Report: South Korean Crypto Exchanges to Create Body to Preempt Another Terra LUNA Type of Collapse

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Five South Korean cryptocurrency exchanges said they intend to create a consultative organization which will help prevent a repeat of a Terra LUNA-style token collapse. The organization is expected to achieve its objectives by applying standards that are endorsed by the crypto exchanges.

As per the report, the five exchanges will initially take different preparatory steps prior to the launch of the screening guidelines, and some of these steps include the signing of a business agreement as well as improving listing-related standards.

Meanwhile, the Korean language report also revealed that the consultative body will comprise the CEOs of five exchanges and related working groups. In addition to compliance and market monitoring, the body will also prepare a warning system, set delisting standards, and provide information on cryptocurrency white papers.

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