South Korea Crypto Exchanges to Delist Hundreds of Altcoins in 2024

South Korean cryptocurrency exchanges may soon delist numerous alternative coins, as financial authorities increase their efforts to regulate the sector.

The new Virtual Asset User Protection Act will be implemented in July, and regulators are set to evaluate whether to halt transactions for approximately 600 coins listed on virtual asset exchanges.

The media outlet reported on June 16 that regulators are working on a plan to determine the best practices for supporting cryptocurrency transactions. This act will significantly impact the industry, as it will apply to fiat-to-crypto trading platforms such as Upbit, Bithumb, Coinone, Korbit, and Gopax.

However, the regulations will also affect over 20 other exchanges that do not have permits for fiat trading and can only offer crypto-to-crypto trading pairs.