Upbit, South Korea’s leading cryptocurrency exchange, has announced plans to end trading support for Bitcoin Gold (BTG) starting January 23, 2025.
Reasons for Bitcoin Gold Delisting
The decision to discontinue BTG support was made following months of scrutiny over its market performance and operational transparency. On December 10, Upbit flagged BTG as a 'subject of caution' due to heightened volatility. A subsequent evaluation of the asset's transparency, sustainability, and practicality led to the conclusion that the initial issues were not resolved.
Implications for Upbit Users
As part of the delisting process, all buy and sell orders for BTG placed after January 23 will be automatically cancelled. Support for related services, including airdrops, wallet updates, and hard forks, will also cease. While trading support will end, BTG withdrawals will remain available until February 22, 2025, although delays could occur for requests submitted after this date.
Upbit's Future Strategy
In contrast to its BTG delisting, Upbit has been actively adding new tokens to its platform. Recent additions include MOCA, the token of the metaverse project Mocaverse, ME—Magic Eden's gaming token, and MOVE—the token for the Layer-2 protocol Movement. Trading for MOCA began on December 16, 2024, with initial buying restrictions and minimum sell price thresholds to ensure a stable launch.
The decision to cease support for Bitcoin Gold reflects Upbit's commitment to providing its users with reliable and sustainable investment opportunities. The exchange will continue to expand its range of available cryptocurrency assets, primarily focusing on security and transparency.
