Bitcoin Exchange Upbit Announces It Will Delist This Altcoin! Here Are the Details

Upbit, one of South Korea’s leading cryptocurrency exchanges, has announced it will end support for trading the Loopring ($LRC) token. According to the official statement, the exchange will cease $LRC trading on March 16th.

As a result of this decision, trading support for Loopring on the Upbit platform will be completely terminated. Such delisting decisions are generally made based on the liquidity of the asset, developments on the project side, regulatory requirements, and the exchange’s user protection policies. Upbit’s statement did not provide details regarding the reasoning behind the decision.

With the delisting process underway, users are advised to review their open orders before the trading support ends and take necessary steps to mitigate potential risks. Furthermore, since the asset will no longer be tradable on the exchange after trading support ceases, investors are expected to consider withdrawal options to manage their assets.

Loopring stands out as a project running on Ethereum, particularly known for its Layer-2 scaling solutions. However, recent increased volatility in the cryptocurrency markets and tightening listing standards by exchanges are raising the risk of delisting for many altcoins.

Upbit’s decision to discontinue Loopring is noteworthy because it coincides with a period of increased regulation of the cryptocurrency market in South Korea and an acceleration of risk management measures by exchanges.

Users are advised to follow Upbit’s official announcements until March 16th to stay updated on the process.

*This is not investment advice.