Terra2.0 rejected by South Korean exchanges; what next

South Korean crypto exchanges have declined to list Terra2.0 after the infamous crash, reported local media outlets.

South Korean exchanges distance from Terra2.0

As per the local media reports, Do Kwon, the founder of Terraform Labs, approached South Korean exchanges like Upbit, Coinone, Cobit, Bithumb, and Gopax, the top five crypto exchanges in the country, to list Terra2.0.

And according to a report by Heraldcorp, apart from the exchange Upbit, four of the cryptocurrency exchanges have declined Do Kwon’s proposal.

The exchanges told the reporters from Heraldcorp that due to the ongoing investigation by South Korean authorities on Terraform Labs, the exchanges are hesitant to list their native tokens.

Only one exchange agrees to list token

Only the crypto exchange Upbit is willing to list the new Terra token, as informed by the company spokesperson to South Korean reporters.

South Korean authorities ramp up investigation

South Korean officials are investigating Terraform Labs, the parent company of the cryptocurrencies Terra Luna and TerraUSD, following the historic Terra Luna crash.

According to local media, the Minister of Justice of South Korea, Han Dong-Joon, is directly involved in the inquiry.

In addition, after more than two years of dormancy, a unique combined financial and securities criminal investigation unit named Yeouido Grim Reaper has been reactivated.

In addition to the arduous investigation, Terraform Labs faces a 100 billion Won ($78,5 million) penalty for tax evasion in South Korea.

Other exchanges to the rescue

Despite the lack of support from local exchanges, other crypto exchanges are still willing to embrace Terra2.0

Binance, FTX, Huobi, Bitrue, and others have all agreed to support the crypto token’s revival.

Also Read:  Washout! Terra down 100%, crypto exchanges de-list LUNA and UST 

Also Read: Terraform Labs in trouble as South Korean authorities ramp up investigation - BusinessToday