Concerns about widespread delisting of altcoins grow in South Korea

South Korea is facing fears of mass altcoin delistings this year as financial authorities put pressure on crypto exchanges. There are concerns that altcoins will be removed one after the other in the coming weeks, similar to the purge of low-cap coins in 2021. Regulators want exchanges to conduct listing audits and place underperforming tokens and projects lacking transparency on cautionary lists. The Financial Supervisory Service (FSS) plans to introduce new guidelines for altcoins coinciding with the launch of the Act on the Protection of Virtual Asset Users on July 19. This news has spooked the market, causing lower-cap altcoin prices to drop. However, exchanges like Upbit have reassured that high-cap coins with international credentials are safe, and mass delistings are not expected.