A group of South Korea’s major cryptocurrency exchanges
has launched a system that alerts users of abnormal changes in the prices of
cryptocurrencies. The alliance, dubbed the Digital Asset Exchange Association
(DAXA) and comprising Upbit, Bithumb, Coinone, Korbit, and Gopax, said the new
system will prevent information asymmetry.
DAXA explained that the
system sends notifications to users when the prices of cryptocurrencies
suddenly rise or fall within a day. Additionally, the system notifies users
whenever there is a sharp increase or decrease in the daily trading volumes or
deposits, The Korean Times reported.
The latest development follows DAXA’s announcement of the ethical standards for its members last month. The standards: the DAXA Internal
Control Standards, and the Code of Ethical Conduct for Virtual Asset Operators,
outline how virtual asset service providers must conduct their business.
Among the guidelines
stipulated in the standards is that cryptocurrency exchanges
that are members of the alliance must involve a third-party legal expert when
listing or delisting cryptocurrencies. Additionally, it states that the legal expert must not
have a conflict of interest.
Besides that,…
