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South Korean cryptocurrency exchange Upbit has revealed that it will discontinue trading support for Bitcoin Gold (BTG) on January 23, 2025.
This decision comes after a thorough assessment of BTG under its Digital Asset Transaction Support Termination Policy.
Concerns Over Transparency
Upbit initially identified Bitcoin Gold as a cautionary trading item on December 10. The exchange expressed worries regarding the transparency of its operations and the project’s sustainability. Upbit noted that progress in addressing these concerns has been insufficient.
Termination of Market Support for Bitcoin Gold(BTG)
Termination Schedule: 23rd January 2025 14:30 PM (KST)
https://t.co/BOGeQ8K9Al
— Upbit Korea (@Official_Upbit) December 24, 2024
Termination Schedule: 23rd January 2025 14:30 PM (KST)After additional evaluation, Upbit concluded that the issues remained unaddressed and opted to delist BTG in accordance with its policies aimed at upholding trading best practices.
Upbit Advises Users to Act Before Termination Date
Following the delisting, all buy and sell orders for BTG in the market will be automatically annulled. Users are encouraged to take necessary actions before the termination date to manage their assets.
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Upbit specified that it will cease to provide services related to Bitcoin Gold, including wallet upgrades, airdrops, or hard forks, after the delisting.
What is Bitcoin Gold?
Bitcoin Gold, a fork of Bitcoin designed to decentralize mining by utilizing a GPU-friendly proof-of-work algorithm, has struggled to maintain its significance and credibility in the competitive cryptocurrency market.
The delisting of Bitcoin Gold highlights the increasing scrutiny that cryptocurrency exchanges are applying to digital assets in order to ensure compliance and protect investor interests.
Price Movement
In the wake of Upbit’s announcement on Tuesday, BTG was trading down 7.9% at $15.60.
The post South Korean Crypto Exchange Upbit to Delist Bitcoin Gold appeared first on Cryptonews.
