The South Korean Digital Asset Exchange Alliance (DAXA) has announced the delisting of Dad (DAD) from its member exchanges, causing the altcoin’s price to crash dramatically. The decision, affecting five major South Korean cryptocurrency platforms, highlights the increasing scrutiny on digital assets in the region. Here are the details.
DAXA Announces Decision to Delist DAD
On December 30, Upbit, a prominent South Korean exchange, issued a statement confirming that DAXA, which represents major platforms such as Bithumb, Coinone, Korbit, and Streami, has decided to cease trading support for Dad (DAD). The organization cited concerns about compliance and investor protection as key reasons for the decision.
DAXA, established after the collapse of Terra (LUNA), aims to promote sustainable growth in the South Korean crypto industry and improve customer protection. Its guidelines have been developed in collaboration with stakeholders, including academic and legal experts, ensuring a comprehensive approach to self-regulation. However, the delisting of DAD reflects the challenges altcoins face under these strict standards.
DAD’s Price Suffers a Massive Blow
The delisting announcement triggered a catastrophic decline in DAD’s price. Once trading at $0.01885, the altcoin plunged to $0.0044, marking a staggering 76% drop. As a low-market-cap asset ranked 1606 globally, the news dealt a significant blow to its market value and investor confidence.
This situation underscores the risks associated with trading lesser-known cryptocurrencies, especially in regions with stringent regulatory frameworks like South Korea. Altcoins account for more than 60% of the local trading volume, making delisting decisions impactful on the broader market.
Advertisement Banner
DAXA’s Previous Regulatory Actions
DAXA has a history of taking decisive actions to safeguard investors. Earlier this year, it flagged projects such as ORB (Orbs) and TEMCO as high-risk and recommended halting trade support. Bithumb initiated the delisting process for these assets, following DAXA’s guidance.
Six months ago, the group also extended its monitoring period for GALA tokens, enabling a thorough review of its viability. These measures demonstrate DAXA’s commitment to upholding industry standards and ensuring investor protection.
The Bit Journal’s Perspective
The recent delisting of DAD highlights the volatile nature of the crypto market and the importance of robust regulatory oversight. As South Korea continues to refine its crypto policies, platforms like The Bit Journal will remain at the forefront of reporting on critical developments impacting the global digital asset ecosystem.
- https://twitter.com/Thebitjournal_
- https://www.linkedin.com/company/the-bit-journal/
- https://t.me/thebitjournal
Follow us on Twitter and LinkedIn and join our Telegram channel to get instant updates on breaking news!
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
