Korean exchanges agree on emergency system in case of Terra-style collapse
Korean exchanges will soon be required to list tokens based on the same guidelines to ensure compliance with local regulations, and make emergency decisions together to prevent another Terra fiasco.
Korea's leading exchanges have agreed to form a new emergency system that will spring into action within 24 hours should another Terra-style collapse threaten to come to pass.Under the new system, exchanges will convene to respond to sudden adverse market effects, such as what happened with Terra in May.The agreement came after five of the country’s largest crypto exchanges, Upbit, Bithumb, Coinone, Korbit, and Gopax attended a session at the National Assembly, South Korea’s legislature to address market fairness on June 13, according to a report from local news outlet Daily Sports. Exchange leaders, members of National Assembly, and Financial Supervisory Services (FSS) Chairman Lee Bok-hyeon discussed aspects of a new code of conduct exchanges will voluntarily adhere to in order to protect investors.
Coin Telegraph - 16th Jun 04:06