South Korean crypto exchange Coinone has issued posting criteria, specifying a few details on what is required to be traded on the platform.
The divulgence on August 8th came just a few days after the exchange revealed the inking of a partnership with CertiK to attempt a security validation and amid a surge within the Korean crypto market to up measures and lockdown platforms.
According to the announcement on the site, candidates for listing will need to meet nine criteria.
These incorporate necessities for “a sound business model,” with a mid and long-term technique and a clear vision. They also need a solid coin dissemination plan and a transparent administration structure. The exchange will also plan the potential candidate on its marketing plan and communications with investors, the announcement highlighting that both online and offline interaction is imperative.
Coinone will assess the potential market size of the candidates, checking whether the development of the venture will be constrained or can be compelled within the future. The tokens should be usable, with a balance of supply versus anticipated consumption, and they must have a solid leadership group. After listing, Coinone will audit the degree to which the coin’s roadmap has been followed and its benchmarks achieved.
Coinone moreover gave a breakdown of conceivable reasons for delisting from the exchange. These incorporate market manipulation, lack of transparency, tumultuous trading, and criminal activity. The exchange will also hold ventures responsible for technical deficiencies, such as blockchain failures and insufficient product development, and will watch out for the lack of coherence, particularly when it comes to the makeup of the administration group.
The exchange will provide warnings initially, and in case it doesn’t see changes, delisting will follow.
Coinone, which was established in 2014 and had early support from Kakao, is one of the three biggest South Korean crypto exchanges and number 70 worldwide by reported volume, based on the information from CoinMarketCap. Its later 24-hour volume was valued at about $90 million, the larger part in bitcoin.
Besides engaging CertiK, it is additionally working with Xangle, a Seoul-based cryptocurrency disclosure platform. Coinone is one of the few in the country to have gotten an Information Security Management System (ISMS) certification.