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South Korean crypto exchanges plans to prevent other Terra LUNA crash

South Korean crypto

Report: South Korean crypto exchanges

 are forming a body to prevent another Terra LUNA-type collapse

Five South Korean cryptocurrency exchanges have announced their intention to form a consulting body to help avoid another Terra LUNA-type token crash. The group is anticipated to meet its goals by implementing standards that have been supported by cryptocurrency exchanges.

Five of South Korea's most prominent local cryptocurrency exchanges have announced plans to form a consulting group with the goal of preventing a token collapse akin to Terra's LUNA's initial edition. According to the discussions, the consultative body will do this by implementing agreed-upon criteria.

According to a report by a local media outlet, the exchanges' intention was disclosed at a recent party-government meeting at the National Assembly.

The five exchanges' decision, which includes Upbit, Bithumb, Coinone, Korbit, and Gopax, comes just weeks after they were chastised for their seeming apathy to the collapse of the old terra (LUNA) cryptocurrency and the terrausd (UST) stablecoin.

According to the source, the five exchanges will take a variety of preliminary procedures before launching the screening rules, including the signing of a commercial agreement and upgrading listing-related requirements.

Meanwhile, the CEOs of five exchanges and relevant working groups will make up the advisory council, according to a local newspaper. The group will also establish a warning system, define delisting requirements, and give information on cryptocurrency white papers, in addition to adherence and market surveillance.

According to the article, the organization is anticipated to create standards that will be utilized when listing cryptocurrencies and assessing tokens for any indicators of a Ponzi scheme. The exchanges, who have all just announced the delisting of litecoin (LTC), have vowed to cooperate together in the event of another catastrophe such as the Terra debacle.

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