Upbit Delists Bitcoin Gold Over Transparency Concerns

The largest South Korean exchange announced its readiness to increase the provision of trading support within Bitcoin Gold (BTG) on January 23, 2025. The decision was made in light of a comprehensive assessment under the exchange’s digital asset transaction support termination policy, and we deemed the project unsustainable.

Last week, on December 10, Obit Bitcoin Gold is listed as a cautionary asset due to ongoing concerns regarding poor transparency in the asset’s operations and future viability. However, the exchange, as previously noted, said it has not observed satisfactory improvements in addressing these issues.

📢 Ending market support for Bitcoin Gold (BTG)
🗓️ End schedule: January 23, 2025 at 14:30 PM (KST)
🔗https://t.co/BOGeQ8K9Al

– Upbit Korea (@Official_Upbit) December 24, 2024

However, in further evaluation, Upbit discovered that Bitcoin Gold was not compliant with the trading standards of Upbit’s trading policies, which is why it was removed from the list.

After deletion, all public offers of BTG to buy and sell shares will be automatically withdrawn. Upbit has requested users to take appropriate action regarding the same BTG As soon as possible by January 23.

Upbit is ending support for Bitcoin Gold wallet services

The exchange also stated that users will no longer receive wallet upgrades and support or airdrop services for Bitcoin Gold-related hard forks following news of its delisting.

BITCOIN GOLD was created by the BITCOIN fork 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.

However, over the recent past, the project has managed to face some challenges in the increasing completion of the cryptocurrency market as it seeks to retain its relevance and credibility.

This action by Upbit also shows that exchanges are putting more pressure on them Digital assets To verify their level of commitment and protect the interests of investors. After that, the price of Bitcoin Gold fell by 7.9% to $15.60. This is consistent with the immediate market results of the decision, highlighting the need for exchange support in altcoin projects.

drawers Bitcoin Using Gold in Upbit requires disclosing its performance data because, in their bid to gain exchange listings, cryptocurrency projects must adhere to a model consistent with Upbit’s approach. Increased regulatory and market requirements have forced exchanges to increase digital asset valuation requirements.

This deletion sends a harsh message to other similar projects in the field Cryptocurrencies And the symbols, paint the message quite strongly that unless there are good governance structures and transparent and ongoing development work, such projects are unlikely to maintain investor confidence and thus collapse.