Breaking news reveals the end of support for Symbol (XYM) and other cryptocurrencies on Bithumb, one of South Korea's leading cryptocurrency exchanges.
Learn what this means for the crypto market and investors, including exclusive insights from Symbol/NEM's core developer Hatchet.
Contents
Bithumb Announces End of Support for Three Cryptocurrencies
South Korean leading cryptocurrency exchange Bithumb announced on September 8, 2023, that it will end trading support for three cryptocurrencies, including Symbol (XYM).
The decision to end trading support for the following three cryptocurrencies was explained to be based on the continuous evaluation of various digital assets to protect investors.
Cryptocurrencies Losing Support:
- Symbol (XYM)
- CryptoGPT (GPT)
- Quarkchain (QKC)
The reason for the end of support is that they failed to meet Bithumb's listing requirements. Specifically, in the case of XYM, it was mentioned that "they could not meet the designated explanations or requirements within a specified period."
The scheduled trading termination date for these three cryptocurrencies is "September 25, 2023, 15:00," and the withdrawal support end date is set for "October 23, 2023, 15:00."
Hatchet’s Comments on XYM's Delisting
Hatchet, the core developer of Symbol/NEM, also commented on the termination of XYM support. He explained, "Bithumb is discussing the hackathon that the Korean community was hosting."
According to Hatchet, Bithumb is not particularly interested in activities outside South Korea and focuses more on what's happening domestically. He added, "It's unfortunate, but all we can do is try our best."
The price of Symbol/XYM plummeted on September 8, 2023, and this drop is believed to be related to "Bithumb's delisting announcement."
While XYM is listed on various cryptocurrency exchanges, Bithumb was one of the exchanges with particularly high trading volumes for XYM. Therefore, the impact of this announcement is considered to have been reflected in the price.