Upbit and Bithumb, two leading cryptocurrency exchanges in South Korea, announced that they have added the Orchid token to their delisting watchlist. The decisions by both exchanges are seen by investors as a notable development, pointing to a lack of transparency and information sharing in the projects.
Bithumb’s public statements indicated that the issuer of the Orchid project did not provide sufficient information on important issues that could have a material impact on the value of the assets. The exchange also announced that a comprehensive review of the project’s business development process revealed several shortcomings.
Upbit’s statement similarly indicated that the OXT token was added to the watchlist based on certain review criteria. Major exchanges operating in South Korea regularly audit digital assets in terms of technical infrastructure, project sustainability, team communication, and investor information.
Tokens placed on the delisting watchlist undergo a specific review process. During this process, the project team is expected to address any shortcomings and provide any necessary clarification. If not, trading support for these assets may be terminated.
Orchid is known as a blockchain-based project aimed at providing decentralized virtual private network (VPN) services. The platform aims to enhance users’ internet privacy and has been in the spotlight for some time due to growing interest in privacy-focused technology.
Analysts note that South Korean stock exchanges have recently tightened listing standards and placed greater emphasis on project transparency. The future of OXT depends on the words and actions taken by project teams during the review process.
Following this development, OXT investors are expected to closely monitor any new announcements from the exchange.
*This is not investment advice.
