Korean cryptocurrency exchange Bithumb, announced today that starting next month, it will conduct improved listing eligibility screening for all cryptocurrencies applying to be listed.
Bithumb will be launching a listing eligibility deliberation committee that will continuously monitor and approve listings on all cryptocurrencies on the exchange.
The committee is scheduled to begin its activities in September.
Cryptocurrencies that are eligible and apply for listing will go through the committee review in order to be approved for listing.
Further, a cryptocurrency selected for delisting will be extended a probation period and will be removed if there is no improvement within two months.
Specifically, when a cryptocurrency selected for delisting by the committee, for one, it has determined that daily trading volume on the exchange is considered low, especially if the period lasts for more than one month. Other reasons for delisting include: no developer support for advancing the project, when the technology related to blockchain or cryptocurrency is found to be defective.
Bithumb has established a set of procedures and specific screening criteria for cryptocurrency foundations to be aware of the details of the audit and to operate the committee transparently.
A Bithumb official said, “We will strengthen the check on technology development efforts and utility of each cryptocurrency project through the screening eligibility screening of all cryptocurrencies on the exchange.”