South Korean Third-Largest Crypto Exchange Publishes Official Listing Criteria

Coinone, a South Korean crypto exchange, has issued listing criteria, laying out in some detail what is required to be traded on the platform.

The disclosure on August 8th came just a few days after the exchange announced the signing a deal with CertiK to undertake a security validation and amid a rush in the Korean crypto market to up standards and lock down platforms.

According to the announcement on the website, candidates for listing will have to meet nine criteria.

These include requirements for “a sound business model,” with a mid and long-term strategy and a clear vision. They also require a solid coin distribution plan and a transparent governance structure. The exchange will also judge the potential candidate on its marketing plan and communications with investors, the announcement stressing that both online and offline interaction are important.

Coinone will review the potential market size of the candidates, checking whether the growth of the project will be limited or could be constrained in the future. The tokens must be usable, with a balance of supply versus expected consumption, and they must have a strong leadership team. After listing, Coinone will review the extent to which the coin’s roadmap has been followed and its benchmarks achieved.

Coinone also provided a breakdown of possible reasons for delisting from the exchange. These include market manipulation, lack of transparency, disorderly trading and criminal activity. The exchange will also hold projects accountable for technical deficiencies, such as blockchain failures and insufficient product development, and will be on the lookout for the lack of continuity, especially when it comes to the makeup of the management team.

The exchange will give warnings first, and if it doesn’t see improvements, delisting will follow.

Coinone, which was founded in 2014 and had early support from Kakao, is one of the three largest South Korean crypto exchanges and number 70 globally by reported volume, according to data from CoinMarketCap. Its recent 24-hour volume was valued at nearly $90 million, the majority in bitcoin.

In addition with engaging CertiK, it is also working with Xangle, a Seoul-based crypto currency disclosure platform. The exchange is one of the few in South Korea to have received Information Security Management System (ISMS) certification, which related to the management of sensitive data.

Image via Shutterstock.

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