Terra founder Do Kwon is reportedly struggling to put Terra 2.0 on South Korea’s top exchanges.
Kwon has reportedly approached the top five South Korean exchanges – Upbit, Coinone, Cobit, Bithumb and Gopax – to list the new LUNA token. The token will be issued under a widely approved revival plan, which will launch a new Terra blockchain this week.
But four of the exchanges, except Upbit, appear to be distancing themselves from Terra, according to a report from South Korean news organization Heraldcorp.
Their fear stems from the fact that Kwon and his company Terraform Labs (TFL) are currently under investigation by the Korean government.
Most South Korean exchanges against offering Terra 2.0
With the exception of Upbit, the four crypto exchanges have rejected Kwon’s request to list Terra 2.0. Instead, they suggested Terra go through official listing channels.
Representatives of the exchanges told Heraldcorp that given the allegations of embezzlement against TFL, coupled with an ongoing police investigation, they are hesitant to list the token.
Most crypto exchanges around the world had delisted LUNA and the stablecoin UST after the Terra crash. But this didn’t stop traders from plunging into LUNA in hopes that it would at least regain some value. Until now that has not been the case.
Still, South Korean exchanges are also facing regulatory scrutiny for not delisting/suspending trading of LUNA early enough.
Upbit open for mention of new chain
But Upbit – South Korea’s largest exchange – is open to offering the new Terra token if the airdrop is successful.
An Upbit representative told Heraldcorp that since the airdrop will support Terra holders, the exchange will allow trading of the new LUNA.
The airdrop of new LUNA tokens will largely target pre-crash LUNA holders, with initial liquidity including small holders.
Other exchanges also seem to be open to support Terra 2.0. HitBTC said in a Tweet it will support the new token.
MEXC also opened a vote for users to decide whether it should help burn LUNA. The results are expected on May 26.
Still, majors like Binance, Coinbase, and FTX have not released a statement on whether they will support the revival.
With over five years of experience in global financial markets, Ambar plans to leverage this knowledge for the fast-growing world of crypto and DeFi. His main interest lies in finding out how geopolitical developments could affect crypto markets and what that could mean for your bitcoin holdings. When he’s not scouring the internet for the latest news, you can play him video games or watch Seinfeld reruns. You can reach him at [email protected]
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This post Will Kwon’s Terra 2.0 Plan Be Rejected by S.Korean Crypto Exchanges?
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