In the world of Bitcoin and altcoins, it is very noteworthy that exchanges include crypto currencies. On the other hand, removing them from their platforms is always on the followers’ agenda. As an important development, there is a move today from Bitcoin exchange Upbit. Following its decision, DAXA stopped trading support for Linear Finance (LINA). Let’s look at the details together.
Upbit took action for this altcoin after the DAXA decision
The Digital Asset Exchange Association (DAXA), the consortium that includes Upbit, has made a decision for an altcoin. Decided to end trading support for altcoin Linear Finance (LINA). This decision came as part of the association’s commitment to protect investors. Accordingly, it allows member companies to take measures such as issuing investor warnings, setting warning items and ultimately terminating trading support.
The termination of trading support for the altcoin Linear Finance (LINA) attracted attention. Accordingly, DAXA has the right to designate certain digital assets as precautionary items. It is also a decision consistent with the policy of stopping trade support. This decision will enter into force at 19:00 on October 20, 2023.
Order cancellations and termination of services related to assets
There is a move in the process of terminating trading support for the altcoin. Accordingly, all orders (both buying and selling) previously placed in the market will be canceled collectively. Additionally, following this announcement, the digital asset whose trading support is planned to be discontinued will no longer receive support for airdrops, wallet upgrades, hard forks, or related services.
Upbit’s decision to stop trading support for the altcoin Linear Finance (LINA) draws attention. Additionally, the decision stems from concerns regarding the stability of the digital asset. In particular, it was observed that Linear Finance (LINA) digital assets used as collateral for the ℓUSD stablecoin were not effectively pegged to the US dollar. As a result, LINA’s value fluctuated rapidly.
Withdrawals will continue for 30 days
It is worth noting that even after market trading support ends, Upbit will continue to support withdrawals for altcoin Linear Finance (LINA) digital assets for a 30-day period extending through November 19, 2023. This policy ensures that users have sufficient time to make the necessary adjustments to their assets.
Upbit’s decision to discontinue trading support for altcoin Linear Finance (LINA) has a point. Accordingly, it emphasizes the importance of maintaining stability in the ever-evolving world of digital assets. On the other hand, when we look at it as cryptokoin.com, it underlines the importance of protecting investor interests.
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