Korea’s DAXA Implement Virtual Asset Alert System From July 4th

Key Points:

• Digital Asset exchange Alliance (DAXA), will implement a virtual asset alert system from July 4.
• The early warning system includes five categories: price fluctuations, trading volume, spiked deposit volume, arbitrage, and concentrated trading of a small number of accounts.
• The alert system will focus on resolving the imbalance of user information by promptly informing the public of information that is not easily known through charts or order books.

According to Korean media reports, Digital Asset exchange Alliance (DAXA), which includes five major South Korean virtual asset exchanges, Gopax, Bithumb, Upbit, Korbit and Coinone, announced that the virtual asset alert system will start on July 4.​

A virtual asset alert system has been implemented. The early warning system includes five categories: price fluctuations, trading volume, spiked deposit volume, arbitrage, and concentrated trading of a small number of accounts. It is enabled through real-time monitoring by various exchanges.

It is known that if an item that matches the specific conditions of each alert system is detected, it will be reported as a badge in the trading window of that item, and it will be displayed in 24 hours maximum.

When considering differences in trading volumes, etc., the internal standards of each member company are followed within the scope of the conditions.

“The alert system of DAXA member companies is focused on solving the imbalance of user information by promptly notifying the public of information that is not easily known through charts or order books. We hope that this will be the case, and we will continue to work on upgrading the alert system.”

Jaejin Kim, executive vice president of DAXA, said.

It is known that this system was built after considering and reflecting the opinions of DAXA consultants. Since the council’s establishment in June last year, five member companies have jointly built this system. At the same time, the alliance also announced that it would release common standards for the final classification of support for crypto-asset trading (delisting).

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