Bithumb to Terminate Trading Support for Orbit Chain (ORC)

Bithumb, a leading cryptocurrency exchange in South Korea, has announced that it will terminate trading support for Orbit Chain (ORC) following the decision made by the Digital Asset Exchange Joint Consultative Body (DAXA). This measure has been taken to protect investors, and DAXA can jointly take actions such as urging caution, designating coins as investment warning/caution, and terminating trading support.

In the announcement, Bithumb explained the reason for terminating ORC’s trading support, stating that the explanatory materials submitted during the investment warning designation period and subsequent measures were insufficient to address the concerns that led to the designation. As a result, the decision to terminate trading support was made.

The schedule for the termination of trading support is as follows:

• Trading (buy/sell) termination: March 19, 2024 (Tue) at 15:00 (tentative)
• Withdrawal support termination: April 16, 2024 (Tue) at 15:00 (tentative)

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

Bithumb emphasized that it will continue to closely monitor and supervise 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 termination of trading support for ORC is not an isolated case in the cryptocurrency industry. Exchanges regularly review and assess the cryptocurrencies they list to ensure compliance with regulations and to protect investors from potential risks. In the past, other exchanges have also delisted or terminated trading support for certain cryptocurrencies due to various reasons, such as low liquidity, security concerns, or regulatory issues.

As the cryptocurrency market continues to evolve and mature, exchanges play a crucial role in self-regulating and implementing measures to safeguard investors’ interests. Collaborations among exchanges, such as DAXA, demonstrate the industry’s commitment to creating a more secure and reliable trading environment.

Investors are advised to exercise caution when trading cryptocurrencies and to stay informed about 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 terminate trading support for ORC, in line with DAXA’s recommendations, showcases 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.