A South Korean cryptocurrency exchange, Upbit
IOST is known for its blockchain platform, which focuses on supporting decentralized applications (DApps) with high speed and scalability. However, the project is undergoing a major transition to a Layer-2 blockchain.
Meanwhile, DAXA plays a key role in standardizing practices among South Korean exchanges and identifies tokens undergoing changes. While this warning does not imply a suspension of trading or delisting of IOST, it reflects concerns over the possible market effects of the planned updates.
Did you know?
Subscribe - We publish new crypto explainer videos every week!
How to Get Free Crypto? (Explained with Animations)
This change is expected to overhaul the token’s structure and increase its supply by 21 billion new tokens. Such updates often lead to temporary price volatility, which has prompted caution from Upbit.
On January 13, Upbit issued a statement urging IOST holders and traders to approach the situation carefully. The exchange highlighted that the upcoming changes could affect the token’s market value and investor sentiment.
The announcement emphasized that the decision to flag IOST aligns with DAXA’s investor protection measures, which require exchanges to notify users of structural changes to any digital asset.
Upbit also assured its users that it maintains close communication with IOST’s development team to monitor the transition and provide timely updates. This approach aims to minimize risks and ensure transparency during the process.
Meanwhile, Bybit has decided to temporarily suspend several of its services in India starting January 12. What led to the decision? Read the full story.
