Leading Korean Exchange, Korbit Rejects Terra 2.0

Do Kwon

The Korean exchange has rejected itself from the Terra rebirth in the wake of the current investigation by Korean authorities to determine the actual cause of LUNA and UST’s fall.

The Terra developers are releasing a new chain to gain investors’ confidence. However, Korbit, South Korea’s first cryptocurrency exchange, has disclosed that it will be terminating Terra (LUNA) transactions on its platform later this month.

Korbit announced in a press release today that although Terra 2.0 is expected to launch tomorrow, it has decided to end LUNA deposit, trading, and withdrawal support, following an emergency meeting convened earlier this week.

In line with the exchange’s decision, LUNA deposits will end on May 31, 2022. In addition, cryptocurrency trading will be terminated by June 3, 2022, while digital currency withdrawal from the platform will end on August 31, 2022.

While the exchange noted that there is a possibility that it may change the schedule, it urged its users to ensure that they comply with the directive as soon as possible to avoid incurring losses.

Why Korbit Withdraws Support for Terra

The exchange ended its support for Terra for two reasons. First, Korbit cited that digital currencies that put investors at risk will lose support. Furthermore, the exchange added that it would reject a crypto coin that fails to comply with government regulations.

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Terra Under Investigation in Korea

Recently, Terra has been under fire for doing little to prevent the losses investors incurred, and currently, Terra and its founder Do Kwon are facing tax charges in Korea.

The ecosystem is also undergoing an investigation in the country as authorities seek to unveil the main reason for the firm’s collapse.

Regulators’ involvement in Terra’s situation has prompted many exchanges in South Korea to disassociate themselves from the rebirth of the Terra network.

Wu Blockchain tweeted about the development earlier.

Nevertheless, Upbit, the largest exchange in South Korea, shows its support for Terra.

Non-Korean Exchanges Support Terra 2.0

Terra 2.0 is expected to launch tomorrow, giving birth to new LUNA tokens that will replace the old ones, known as LUNA Classic (LUNC).

This update has gotten the attention of other crypto exchanges worldwide, who have declared their intention to support the upcoming Terra 2.0 to help investors recover in the market.

Popular cryptocurrency exchange FTX announced on Twitter earlier today that it would be supporting the upcoming LUNA airdrop.

FTX will be suspending LUNC markets, including trading, deposit, and withdrawal on the platform, later today, around noon (UTC), following its decision to support the $LUNA airdrop. This move will allow Terra to take a snapshot of investors’ balance around 16:00 UTC today.

Bitfinex also joins the bandwagon to support the rebirth of the Terra network when it eventually goes live.

Similarly, Gate.io, another top crypto exchange, noted that it would be joining other top cryptocurrency trading platforms to support the upcoming Terra 2.0.

Bitget and Kucoin will also be supporting the launch of Terra 2.0 on the 27th of May.

There is an endless list of exchanges eager to support Terra 2.0. So far, Binance, Huobi, HitBTC, BYBIT, and Bitrue, among others, have also declared support for Terra’s rebirth.

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