Korean Digital Asset Exchange Association suspends trading for ORB and TEMCO

The Korean Digital Asset Exchange Association issued trading warnings and terminated support for ORB and TEMCO tokens, stating that both projects violated the Virtual Asset User Protection Act, which could affect asset values.

According to new information from the Korean Digital Asset Exchange Association, also known as DAXA, South Korean crypto exchange Bithumb has published a notification informing users about the status change of Orbs and Temco tokens.

Due to both entities’ violations of the Executive Order of the Virtual Asset Users Protection Act, both assets are classified under “trade alert items” effective November 6, 2024.

The change of status means that the crypto exchange will stop trading support for ORB(ORBS) and TEMCO tokens, halting deposits. Bithumb will send a notification for the extension of the suspension and/or the end of transaction support by the third week of November, specifically from 18th to 22nd November.

“DAXA may jointly set trading alert items and discontinue trading support for the protection of investors. Therefore, please take special care when investing in relevant virtual assets,” Bithumb wrote.

According to the announcement, the exchange claims that Layer3 blockchain Orbs provide false information about important issues affecting the value of the cryptocurrency in the market. Apart from this, it is also stated that Orbs’ work was seen as “unclear” throughout the entire process.

“Additionally, there is no community for virtual asset holders to communicate and hence it has been identified as a prudent stock to trade,” Bithumb said.

Meanwhile, supply chain platform Temco is said to have “arbitrarily changed” important information without prior notice to the public. Temco is also alleged to have been non-transparent on certain issues that could potentially affect the value of its digital assets.

A report published on October 24 revealed that more than a dozen crypto exchanges in South Korea will cease operations in 2024 due to the country’s new policy, the Virtual Asset User Protection Act.

As a result, approximately 34,000 crypto holders are trying to access their assets worth a total of 17.8 billion won ($12.8 million), including 1.41 billion won in cashable assets and 16.4 billion won in crypto.