The five major crypto exchanges in South Korea are reportedly working together to launch a joint consultative body to prevent the Luna disaster from happening again.

Exchanges in South Korea working together

According to a report by the local media, YNA, the five major crypto exchanges from South Korea, Upbit, Bithumb, Coinone, Korbit, and Gopax, have come forward to establish a joint consultation body in the second half of 2022. The body would apply token listing standards related to transaction support. 

The move comes following a devastating month for the crypto investors in South Korea, who lost most of their funds in the LUNA/UST incident. The follow-up action by the five domestic crypto exchanges carries self-improvement plans. The exchanges have decided to communicate with each other in such “unforeseen situations.” The exchanges have also given their words to respond in unison within 24 hours to any situation like LUNA.

What’s the plan?

Starting from September 2022, the council will prepare token delisting standards, white papers and evaluation reports, and a warning system for possibly unsafe assets, according to the agreement announced in the Assembly meeting in South Korea on Monday.

In October 2022, the voluntary council will draft guidelines for listing crypto and reviewing tokens to discover any possible signs of Ponzi or scammy schemes.

From January next year, the joint consultative body is planning to mandate the watch of an educational video on digital assets for new crypto investors before allowing them to trade.