The largest South Korean exchange declared its willingness to increase the provision of trading support within the Bitcoin Gold (BTG) on January 23, 2025. The decision was made in light of a thorough evaluation under the exchange’s Digital Asset Transaction Support Termination Policy, and we have deemed the project unsustainable,”
Last week, on December 10, Upbit listed Bitcoin Gold as a cautionary asset due to continued concerns related to the poor transparency of the asset’s operations and future viability. However, the exchange said that, as earlier pointed out, it did not observe satisfactory improvements in tackling these issues.
📢 Termination of Market Support for Bitcoin Gold(BTG)
🗓️ Termination Schedule: 23th January 2025 14:30 PM (KST)
🔗https://t.co/BOGeQ8K9Al— Upbit Korea (@Official_Upbit) December 24, 2024
However in a more assessment, Upbit found out that Bitcoin Gold was not compliant with Upbit’s trading standard of trading policies, hence the reason it was delisted.
After the delisting, all of BTG’s public offers to buy and sell the stock will be automatically withdrawn. Upbit has asked users to take appropriate measures concerning BTG as soon as possible by January 23.
Upbit Ends Support for Bitcoin Gold Wallet Services
The exchange has also stated that users will no longer receive wallet upgrades and airdrop support or services for the hard forks concerning Bitcoin Gold following the news of its delisting.
BITCOIN GOLD was created through a fork of BITCOIN in late 2017 based on its ability to decentralize the mining process due to its use of a proof-of-work algorithm suitable for GPUs.
Nevertheless, over the recent past, the project has been able to experience some challenges in the growing completion of the Cryptocurrency market as it seeks to retain its relevance and credibility.
This action by Upbit also shows that exchanges are applying more pressure on digital assets to check their level of compliance and protect investors’ interests. After this, Bitcoin Gold’s price declined by 7.9% to $15.60.This agrees with the immediate market outcomes of the decision, highlighting the need for exchange support in altcoin projects.
The inclusion of Bitcoin Gold into Upbit necessitates the disclosure of its performance data because, in their attempt to attain exchange listings, cryptocurrency projects must adhere to a model that aligns with Upbit’s approach. Increasing regulatory and market demands have forced the exchanges to increase the requirements for the evaluation of digital assets.
This delisting sends a violent message to other such projects in the realm of Cryptocurrencies and tokens, painting the message quite firmly that unless there are good governance structures and transparent and constant development work, such projects are unlikely to sustain investor confidence and hence break down.
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