As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market turmoil and regulatory changes. The recent developments surrounding ORB and TEMCO tokens on Bithumb are yet another reminder of the volatile nature of the crypto space.
The Korea Digital Asset Trading Association has issued warnings about trading and discontinued support for the ORB and TEMCO cryptocurrencies, explaining that these projects failed to comply with the Virtual Asset User Protection Act. This non-compliance could potentially affect the value of their assets.
Bithumb, a South Korean cryptocurrency platform, recently updated its users about changes in the status of Orbs and Temco tokens. This update is based on fresh data received from the Korea Digital Asset Exchange Association (DAXA).
Starting from November 6, 2024, I have categorized these assets as “items requiring trading caution” due to non-compliance with the Enforcement Decree of the Virtual Asset User Protection Act by both associated entities.
The update indicates that the cryptocurrency platform, Bithumb, is planning to discontinue trading services for ORB (ORBS) and TEMCO tokens. They will provide a notification regarding the extension or conclusion of this suspension period by the third week of November, specifically from the 18th through the 22nd.
DAXA could mark certain investments as requiring extra caution and potentially halt its assistance to investors in these areas, all for the sake of protecting investors. So, be sure to exercise extra care if you’re considering investing in related digital assets on our platform.
The announcement states that the exchange alleges that Orbs Blockchain provided misleading details concerning critical aspects affecting the cryptocurrency’s market price. Additionally, it has been observed that Orbs’ operations have been considered unclear throughout the entire procedure.
Besides, there’s no platform for owners of the virtual asset to interact, making it labeled as a ‘trading-caveat token,’ according to Bithumb.
In the meantime, it’s reported that Temco, a supply chain platform, has made unexpected changes to crucial data without giving advanced warning to the public. Additionally, there are accusations that Temco has been less than forthcoming regarding issues that might affect the worth of their digital asset.
By October 24th, it was revealed that over a dozen cryptocurrency trading platforms in South Korea had ceased operations in the year 2024, as a result of the implementation of their new legislation, the Virtual Asset User Protection Act.
Approximately 34,000 cryptocurrency holders are attempting to retrieve their combined assets valued at approximately 17.8 billion Korean Won (equivalent to about $12.8 million). This total includes 1.41 billion Korean Won in liquid assets and 16.4 billion Korean Won in digital currencies.
Read More
- Abhijeet Bhattacharya’s son expresses displeasure over Dua Lipa and Shah Rukh Khan’s Levitating X Woh Ladki Jo mashup for not giving him credit; ‘Why has it always been about actors…’
- EXCLUSIVE: Decoding the importance of suspense around cameos in cinematic universe films
- BICO PREDICTION. BICO cryptocurrency
- EUR INR PREDICTION
- MVRDV Designs Solar-Powered “Sports Club in a Shipping Container” For Refugees
- EUR ZAR PREDICTION
- FORT PREDICTION. FORT cryptocurrency
- RSR PREDICTION. RSR cryptocurrency
- Michael K. Williams’ Final Performance ‘The Brown Dog’ is Streaming For Free on YouTube
- Dwayne Johnson Actually Learned a Prison Fighting Style for ‘Faster’
2024-11-06 15:38