The consultative body is expected to issue guidelines that will be used when listing cryptocurrencies. tokenlisting
Report: South Korean Crypto Exchanges to Create Body to Preempt Another Terra LUNA Type of Collapse
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.
The decision by the five exchanges, namely Upbit, Bithumb, Coinone, Korbit, and Gopax, comes just a few weeks after they were criticized for their seeming indifference to the collapse of the former terra cryptocurrency and the terrausd stablecoin. 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.
The body is expected to issue guidelines that will be used when listing cryptocurrencies as well as when reviewing tokens for any signs of a Ponzi scheme, the report said. The exchanges, which all recently