South Korea’s Largest Crypto Exchange, Upbit, Delists Bitcoin Gold

Delisting Scheduled for January 23, 2025

Upbit, South Korea’s largest cryptocurrency exchange, has announced that it will stop trading support for Bitcoin Gold (BTG) starting from January 23, 2025, at 14:30 KST. The decision was made after the exchange evaluated the cryptocurrency’s operations, transparency, and sustainability.

According to the exchange, all buy and sell orders requested after January 23 will be automatically canceled. Additionally, services related to BTG, including airdrops, wallet upgrades, and hard forks, will no longer be supported.

Reasons Behind the Delisting

Upbit had previously tagged BTG as a virtual asset “subject to caution” due to its volatility in trade. Despite considering various aspects related to BTG, the exchange determined that the reasons for designating the cryptocurrency as a subject of caution had not been resolved. As a result, Upbit decided to terminate trading support in accordance with its policy.

“Upbit determined that the reasons for designating Bitcoin Gold as a subject of caution have not been resolved, and decided to terminate trading support in accordance with the policy for designating digital assets as subject to caution and terminating trading support.”

Impact on Bitcoin Gold Price

Shortly after the notice was released, the price of Bitcoin Gold plummeted by nearly 25% in the past 24 hours. The token has been on a gradual downhill slide since early December, with a 35% decline in the past week and over 60% in the past month.

Key Statistics

Bitcoin Gold currently ranks 346th in terms of market capitalization, with a market cap of $226 million. Its fully diluted valuation stands at $271 million, with a 24-hour trading volume of $147 million.

Withdrawal Period

Although trading support for BTG will stop on January 23, users can still withdraw the cryptocurrency for 30 days after the delisting, until February 22, 2025. However, Upbit warns that returns may take longer to be processed after the withdrawal period ends.

About Bitcoin Gold

Bitcoin Gold is an open-source cryptocurrency and Bitcoin hard fork that aims to decentralize the mining process using a Proof of Work algorithm called Equihash. Launched in 2017, BTG is considered by some as a more user-friendly alternative to Bitcoin (BTC).

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