Key Points:
Korean financial authorities stated:
“We are looking at whether the coins related to the SEC lawsuit are securities. It is not a short-term conclusion because the standards for securities in Korea and the United States are different.”
Large Korean exchanges were similarly wary about delisting these coins. An official reply from DAXA:
“We are watching whether the stock is judging.”
The Digital Asset Exchange Association (DAXA) is a grouping of South Korea’s top five cryptocurrency exchanges, which include UpBit, Bithumb, Coinone, Korbit, and Gopax. To avoid a repeat of the Terra Luna collapse, the group was founded.
DAXA is currently determining whether or not to determine securities as a common guideline for transaction support review. Another official in the cryptocurrency market said:
“Domestic exchanges are monitoring domestic and foreign regulations and market conditions. It is expected that it will take some time for the securities to be judged. Because the legal standards for judging securities in the U.S. and Korea are different, we cannot make a hasty decision.”
After suing Binance and CEO Changpeng Zhao for fraud, the SEC continues to sue the largest US cryptocurrency exchange Coinbase. For years, the crypto industry has argued that tokens cannot be considered securities and should not be regulated by the SEC. However, these lawsuits could completely change the cryptocurrency market.
The occurrence is expected to have a chilling effect on the 19 tokens referenced in the filings, causing them to relocate their operations to other regions of the globe. Among countries, Korea is the first to take a stand against US securities regulation.
Coins involved in a securities dispute started to be delisted from international exchanges one by one. Robinhood delists Solana (SOL), Polygon (MATIC) and Cardano (ADA) and eToro also ends support for Polygon (MATIC), Algorand (ALGO), Decentraland (MANA) and Dash (DASH).
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Harold
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