Bithumb to assess eligibility on listed virtual coins

The Bithumb head office in Seoul / Yonhap

By Jhoo Dong-chan

Bithumb will conduct an eligibility screening on virtual coins listed on the exchange.

Bithumb, the nation's largest cryptocurrency exchange, said Thursday it will establish the eligibility committee monitoring each cryptocurrency's trading volume to decide whether it should still be listed on Bithumb.

The committee will start its operations in September. The exchange will delist virtual coins with insignificant daily trading volume for more than a month, rapidly deteriorating capitalization for more than a month, or inactive developer support.

“This will contribute to investors' interest,” a Bithumb official said.

“Bithumb will continue doing its best to strengthen transparency in crypto coin transactions while supporting blockchain firms' innovation.”

In a bid to form the committee, Bithumb will start recruiting experts in various fields, including law, technology and finance, by the end of August.

The exchange's operator BTC Korea said Bithumb posted a 205.5 billion won net loss last year due to the massive decline in cryptocurrency trading volume and their values.

Bithumb also suffered a cyberattack in June last year, losing about 35 billion won ($28.9 million).