South Korea's largest cryptocurrency exchange Upbit has announced that it will cease trading support for Augur (REP), a decentralized prediction market platform, on July 13, 2023.
Upbit Decides to Stop Trading After Receiving No Satisfactory Response From Augur (REP) Altcoin Team
The decision was made after Upbit identified the REP as an alarm asset on June 15, 2023 and requested an explanation from the project team, but received no satisfactory response. Upbit has concluded that the Augur project has been discontinued and has decided to end its trading support.
Augur (REP) is a digital asset that allows users to invest in the results of any event using the minds of the masses. It was launched in 2018 and was one of the first projects to use the Ethereum blockchain.
Upbit said it will end trading support for REP in both the Korean won (KRW) and Bitcoin (BTC) markets on July 13, 2023 at 8:00 am. All orders placed before this time will be automatically cancelled.
Users with REP will be able to withdraw their assets until August 12, 2023. However, Upbit cautioned that REP deposits or transfers will not be refunded after trading support ends, and the return may take a long time due to technical reasons.
Upbit is a member of the Digital Asset Exchange Alliance (DAXA), a self-regulatory body of cryptocurrency exchanges in South Korea. DAXA members can take measures to protect investors, such as issuing warnings, designating prudent assets, and ending trading support for digital assets that pose a risk.
Upbit said it will continue to monitor market conditions and implement measures to protect investors by providing information and responding quickly in case of any crisis.
*Not investment advice.
