FLUCTUATIONS IN CRYPTOCURRENCY MARKET

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The domestic cryptocurrency market fluctuated wildly last weekend, as the nation's largest exchange made a surprise announcement of cryptocurrencies that were delisted or designated as unsuitable for investment. Three days have passed and financial authorities are now working to check the current states of cryptocurrencies listed on major domestic exchanges.

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On Monday morning, the Financial Supervisory Service sent out an email to the nation's 20 cryptocurrency exchanges. The financial watchdog requested the exchanges to report how the listed cryptocurrencies performed between June 7 and 14. It also asked for a list of cryptocurrencies that had been delisted or designated as inappropriate for investing. The exchanges are required to turn in detailed information about the reasons behind the delistings and designations as well as the number of holders and the value of the risky-looking coins. This move comes after the nation's largest cryptocurrency exchange UPbit made last Friday a surprise announcement of cryptocurrencies that were delisted or designated as unsuitable for investment. The release sent the cryptocurrency market into wild fluctuations.

[Soundbite] Kim Byung-chil(Financial Supervisory Service) : "There were lots of reports about coin delistings. We sent the request to get a grip on the overall states of delisted coins."

Some industry insiders suspect that financial authorities have begun pressuring exchanges to cut back on excessively listed cryptocurrencies. An exchange official said the request for reports of listed cryptocurrencies and their states is in itself like placing pressure to reduce their number. An average of 140 cryptocurrencies are listed on each of the nation's four major exchanges. Critics have said that the number is too high as the American or European exchanges, in comparison, each have some 50 cryptocurrencies listed.