Since the start of June, a complete of 37 altcoins have been delisted from 20 cryptocurrency exchanges in Korea which obtained the Information Security Management System (ISMS) certification.
Market watchers count on that the eviction of altcoins will proceed not solely at small and medium-sized exchanges but additionally at massive exchanges which have real-name financial institution accounts comparable to Upbit, Bithumb and Coinone. Exchanges will need to have real-name financial institution accounts to dealer Korean won-based transactions below the revised Act on Reporting and Using Specified Financial Transaction Information, which is scheduled to turn out to be efficient in September. In evaluating exchanges, banks will give disadvantages to these with many altcoins.
Furthermore, the Financial Supervisory Service on June 14 requested exchanges to submit a listing of cash which can be extremely dangerous or be delisted each day in the interim. Financial authorities started to conduct due diligence on exchanges on the day. As a consequence, exchanges are below strain to delist altcoins.
However, some analysts say that the eviction of such altcoins will proceed progressively as a result of the eviction of a big quantity of cash directly could have a huge impact in the marketplace. As a outcome, considerations are rising that traders in such altcoins might endure large monetary losses.