Do Kwon’s Approach To Terra 2.0 Listing Gets Rejected By S.Korean Crypto Exchange! Here Is Why

Do Kwon, the founder of Terra, is apparently having trouble getting Terra 2.0 listed on South Korea’s leading exchanges.

Upbit, Coinone, Cobit, Bithumb, and Gopax are among the top five South Korean exchanges that Do Kwon has approached according to reports. The coin will be released as part of a widely-accepted restoration plan that will see the Terra blockchain relaunched this week.

South Korean Exchanges Step Aback

Apart from Upbit, four of the exchanges appear to be separating themselves from Terra, according to a Heraldcorp story from South Korea. This distance shown by Coinone, Cobit, Bithumb and Gopax to list Terra 2.0 is based on the fact that the Korean government is presently investigating Kwon and his business Terraform Labs (TFL).

According to the exchanges, Do Kwon should approach the listing through official listing channels.

The exchanges have informed Heraldcorp, Korean media, that they are afraid to offer the token due to suspicions of theft by TFL and an ongoing police investigation.

Following Terra’s meltdown, most crypto exchanges across the world delisted LUNA and the stablecoin UST. However, traders continued to pile into LUNA in the hopes that it would regain at least part of its value. So far, it hasn’t happened. 

Despite this, South Korean exchanges are attracting regulatory scrutiny for failing to delist or halt LUNA trades quickly enough.

Upbit Comes Forward For Listing

However, if the airdrop is successful, Upbit, South Korea’s largest exchange, is willing to offer the new Terra coin. 

This is because Upbit believes that the airdrop would benefit Terra holders; an Upbit spokesman informed Heraldcorp that the exchange will enable trade of the new LUNA.

The airdrop of fresh LUNA tokens will primarily target LUNA holders prior to the crash, with early liquidity aimed towards small holders. 

Terra 2.0 appears to be supported by other exchanges as well. The new cryptocurrency will be supported by HitBTC, according to a tweet.

MEXC, another crypto exchange also asked users to vote on whether it should help users burn LUNA. The results will be submitted by May 26. Major exchanges including Binance, Coinbase, and FTX have yet to say if they would support the rebirth.