In a blog post published on Aug. 8, Coinone described nine criteria cryptocurrency projects should comply with in order to be listed on the exchange.
Coinone will specifically consider such issues as sustainability of business models, transparency of governance, token distribution plan, vision and value, market size, use case, team formation, roadmap achievement rate and marketability.
South Korean cryptocurrency exchange Coinone has released a set of criteria for determining whether to list new digital currency projects on the exchange.
Focus on the South Korean market
In detailing the criteria, Coinone stressed that a crypto project should have a South Korean market-focused business plan, since the majority of its users are local citizens. Coinone also emphasized that it thoroughly examines the organization of the governance structure of listed projects and associated risks.
Apart from that, Coinone says that it considers a token’s future distribution plan, in addition to the project’s token issuance and circulation. Crypto projects also need to have a clear idea for what value they can offer compared with existing products and services in the market they are replacing.
“Since CoinOne generates revenue only from the fees incurred from transactions, we intend to list projects that can naturally generate trading volume as the project grows”, Coinone wrote.
Gradual expansion of services
The development comes in the wake of Coinone’s announcement on Aug. 7, in which it revealed a partnership with cybersecurity audit company CertiK and disclosures company Xangle to provide more safety and transparency for their crypto investors.
In April, Coinone announced its plans to expand with the launch of an exchange in Indonesia. The exchange’s Indonesian branch was initially set to support six cryptocurrencies: Bitcoin, Bitcoin Cash (BCH), Ether (ETH), Ethereum Classic (ETC), Litecoin (LTC) and Quantum (QAU).
South Korea’s Upbit Becomes Latest Exchange to Delist Privacy Coins
Another cryptocurrency exchange has delisted a slew of privacy coins following recent regulatory requirements from the international body the Financial Action Task Force (FATF).
Upbit announced its investigation of the 6 coins at the beginning of September. The exchange was determining if the privacy coins met the requirements listed by the FATF guidance issued last June.
Generally speaking, privacy coins conduct transactions on public ledgers without exposing an individual’s address or identity. Other exchanges have begun delisting the coins as well, such as Coinbase and zcash this summer in the UK or other Korean exchange OKEX dropping five privacy coins earlier this month.
Writing on a company blog, Upbit said money laundering and the possibility of inflows of privacy coins to the exchange were the leading reasons for delisting.
“There are also crypto-assets that can selectively utilize anonymity features among projects that are subject to end of transaction support. For these crypto-asset, Upbit has only supported transparent withdrawal/deposit support.
Nevertheless, the decision to end trading support for the crypto-asset was also made to block the possibility of money laundering and inflow from external networks. Upbit will continue to consider crypto-asset that represent anonymity functions as candidates for designation of investment warning crypto-asset.”
Recent exchange delistings have been blamed for flailing privacy coin prices. According to Messari, zcash’s price has dropped over 50 percent since July 1 joined by monero, down near 20 percent over the same period.
Still, exchange delistings and price drops haven’t necessarily slowed privacy coin tech development. This past month, zcash’s Electric Coin Company released Halo, a new zk-SNARK which can verify an entire blockchain in one proof.