Upbit, one of South Korea’s leading cryptocurrency exchanges, announced that it will end support for Loopring trading ($LRC) token. According to the official announcement, the exchange will end. $LRC Transactions on March 16th.
With this decision, Loopring’s trading support on the Upbit platform will be completely ended. Such delisting decisions are typically based on asset liquidity, project-side developments, regulatory requirements, and the exchange’s user protection policies. Upbit’s statement did not provide details regarding the reasons behind this decision.
As the delisting process is ongoing, users are advised to review outstanding orders and take necessary steps to mitigate potential risks before trading support ends. Additionally, once trading support ends, assets will no longer be tradable on exchanges, so investors are expected to consider withdrawal options to manage their assets.
Loopring stands out as a project running on Ethereum and is particularly known for its Layer 2 scaling solutions. However, due to the recent increase in volatility in the virtual currency market and stricter listing standards by exchanges, the risk of many altcoins being delisted is increasing.
Upbit’s decision to discontinue Loopring is notable as it coincides with increased regulation of South Korea’s crypto market and accelerated risk management measures by exchanges.
Users are advised to follow Upbit’s official announcement until March 16th to get the latest information about the process.
*This is not investment advice.
