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Journalist
Tanzeel Akhtar
Journalist
Tanzeel Akhtar
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South Korean cryptocurrency exchange, Upbit, has announced it will end trading support for Bitcoin Gold (BTG) on January 23, 2025.
The decision follows the exchange’s comprehensive review of BTG under its Digital Asset Transaction Support Termination Policy.
Transparency Concerns
Upbit initially flagged Bitcoin Gold as a cautionary item for trading on December 10. The exchange cited concerns over the transparency of its operations and the sustainability of the project. Upbit said there is a lack of progress in resolving these issues.
After further evaluation, Upbit determined that the concerns remained unresolved and decided to delist BTG in line with its policies on maintaining trading best practices.
Upbit Warns Users Take Action Before Termination Date
Following the delisting, all buy and sell orders for BTG in the market will be automatically cancelled. Users are advised to take action before the termination date to manage their holdings.
Upbit clarified that it will no longer support services related to Bitcoin Gold, such as wallet upgrades, airdrops, or hard forks, after the delisting.
What is Bitcoin Gold?
Bitcoin Gold, a fork of Bitcoin aimed at decentralizing mining by adopting a GPU-friendly proof-of-work algorithm, has faced challenges in maintaining its relevance and credibility in the competitive crypto landscape.
The delisting of Bitcoin Gold shows the growing scrutiny that cryptocurrency exchanges are placing on digital assets to maintain compliance and safeguard investor interests.
Price Action
Following the Upbit announcement on Tuesday, BTG was trading down 7.9% at $15.60.
