South Korean cryptocurrency exchange Upbit has announced plans to end support for Bitcoin Gold (BTG) trading on January 23, 2025. This decision follows a detailed review under its Digital Asset Transaction Support Termination Policy, citing concerns about transparency and the project’s long-term viability.
Transparency Issues
Upbit flagged Bitcoin Gold as a cautionary trading asset on December 10 due to unresolved transparency concerns and doubts about the project’s sustainability. Despite ongoing evaluation, these issues remained unaddressed, prompting the exchange to delist BTG to align with its commitment to maintaining high trading standards.
User Advisory
After delisting, all pending BTG buy and sell orders will be automatically canceled. Upbit urges users to manage their holdings before the termination date. The exchange also clarified it will cease supporting Bitcoin Gold-related services, including wallet upgrades, airdrops, and hard forks.
About Bitcoin Gold
Bitcoin Gold, a Bitcoin fork designed to decentralize mining through a GPU-friendly proof-of-work algorithm, has struggled to stay relevant and credible in the competitive cryptocurrency market.
Broader Implications
The delisting highlights the increasing scrutiny cryptocurrency exchanges apply to digital assets, aiming to ensure compliance and protect investor interests.
Market Impact
Following Upbit’s announcement, Bitcoin Gold’s price dropped 7.9%, trading at $15.60.
