Our weekly roundup of news from East Asia curates the industry’s most important developments.
Fake altcoin delisting rumors cause panic in Korean markets
Roughly half of the altcoins listed on major Korean exchange Upbit have plunged between 10% to 20% in the past week amid rumors of an impending, but so far non-existent, regulatory crackdown.
As reported by ebn.co.kr, investors panic sold after seeing the widespread dissemination of fake news that “financial authorities will quarterly review 600 domestic virtual assets from next month and suspend trading of coins that do not meet listing maintenance standards.”
However, the country’s Financial Supervisory Service has since stated that it would not directly monitor any altcoin listing reviews:
“The financial authorities do not directly review the items but inspect the virtual asset businesses. We participated in the creation of best practices due to a request for support, but the announcement will be made by the exchanges and DAXA (Digital Asset eXchange Alliance).”
Korea’s new virtual asset rules will kick in next month, which, in part, requires the country’s 29 registered crypto exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopax, to regularly evaluate the tokens listed on their exchanges and whether to continue supporting their trading.
Industry experts have since clarified that the items in the new guidelines, such as “circulation plan violations or unidentified hacking incidents,” are “not significantly different from before.”
Binance introduces loyalty rewards for BNB holders
Crypto exchange Binance is set to reward its most loyal BNB token holders with airdrops for holding on for dear life through the company’s ups and downs.
“Users who hold BNB for a long time will receive benefits, and Hodler’s projects will be distributed to BNB holders,” wrote the exchange’s co-founder, Yi He, on June…
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