Bithumb ends OrbitChain (ORC) transaction support

Bithumb, Korea’s leading cryptocurrency exchange, announced that it will end trading support for Orbit Chain (ORC) following the decision of the Digital Asset Exchange Association (DAXA). This is a measure to protect investors, and DAXA may jointly take actions such as urging caution, designating investment warnings/cautions for coins, and terminating trading support.

In a notice on this day, Bithumb explained the reason for terminating ORC’s trading support, saying that the explanatory materials submitted during the investment warning designation period and follow-up measures were not sufficient to resolve concerns related to the designation. Accordingly, we have decided to end transaction support.

The schedule for end of transaction support is as follows:

Trading (purchase) end: 15:00 on Tuesday, March 19, 2024 (scheduled)

Withdrawal support ends: 15:00 on Tuesday, April 16, 2024 (scheduled)

DAXA, a self-regulatory organization comprised of major domestic cryptocurrency exchanges, aims to protect investors by jointly implementing measures such as issuing investment advisories, designating coins as investment caution/caution, and terminating trading support. As a member of DAXA, Bithumb complies with these decisions to create a safe and transparent trading environment for users.

Bithumb emphasized that it will continue to closely monitor and supervise the cryptocurrencies it supports for trading. Additionally, the exchange maintains communication with external experts and foundations to ensure a sound and transparent trading environment where investors can trade with confidence.

The end of trading support for ORC is not just happening in the cryptocurrency industry. Exchanges regularly review and evaluate listed cryptocurrencies to ensure compliance and protect investors from potential risks. In the past, other exchanges have abolished or terminated trading support for certain cryptocurrencies for various reasons, including low liquidity, security issues, and regulatory issues.

As the cryptocurrency market continues to develop and mature, exchanges play an important role in self-regulating and implementing measures to protect the interests of investors. Collaboration between exchanges like DAXA demonstrates the industry’s commitment to creating a safer and more reliable trading environment.

Investors are advised to exercise caution when trading cryptocurrencies and stay informed of updates or changes to each exchange’s trading support. It is important to conduct thorough research and assess the risks associated with investing in cryptocurrency before making any investment decisions.

Bithumb’s decision to end trading support for ORC following DAXA’s recommendation demonstrates the exchange’s commitment to prioritizing investor protection and maintaining a transparent trading environment. As the cryptocurrency landscape continues to evolve, exchanges will likely continue to adjust and implement measures to ensure the safety and security of users’ investments.

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