Bithumb to Terminate Trading Support for Orbit Chain (ORC)

Bithumb, following the decision of the Digital Asset Exchange Joint Advisory Authority (DAXA), will end trading support for Orbit Chain (ORC) to protect investors. The trading and withdrawal schedule has been announced.

Bithumb, a leading cryptocurrency exchange in South Korea, has announced that it will end trading support for Orbit Chain (ORC) following the decision made by the Digital Asset Exchange Joint Advisory Authority (DAXA). This measure is taken to protect investors, and DAXA may jointly take actions such as calling for caution, designating coins as an investment alert/warning, and terminating trading support.

In the announcement, Bithumb explained the reason for ending trading support for ORC, stating that the explanatory materials submitted during the investment warning designation period and the follow-up measures were insufficient to address the concerns that led to the designation. As a result, the decision was made to end trading support.

The trading support termination schedule is as follows:

End of Trade (Buy/Sell): 19 March 2024 (Tuesday) at 15:00 (Preliminary)

End of Withdrawal Support: April 16, 2024 (Tuesday) at 3:00 PM (Preliminary)

DAXA, a self-regulatory organization made up of major cryptocurrency exchanges in South Korea, aims to protect investors by jointly implementing measures such as issuing investment warnings, designating coins as an investment warning/warning, and ending trading support. Bithumb, as a member of DAXA, adheres to these decisions to promote a safe and transparent trading environment for its users.

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

The end of trading support for ORC is not an isolated case in the cryptocurrency industry. Exchanges regularly review and evaluate the cryptocurrencies they list to ensure compliance with regulations and protect investors from potential risks. In the past, other exchanges have also removed or ended support for trading certain cryptocurrencies for various reasons, such as low liquidity, security concerns, or regulatory issues.

As the cryptocurrency market continues to develop and mature, exchanges play a crucial role in self-regulating and implementing measures to protect the interests of investors. Cooperation between exchanges such as DAXA demonstrates the industry’s commitment to creating a more secure and reliable trading environment.

Investors are advised to exercise caution when trading cryptocurrencies and to be informed of any updates or changes in trading support on their respective exchanges. It is essential to conduct thorough research and assess the risks associated with investing in cryptocurrencies before making any investment decisions.

Bithumb’s decision to end trading support for ORC, in line with DAXA’s recommendations, 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 adapt and implement measures to ensure the safety and security of their users’ investments.

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