Bithumb Designates Velo Protocol’s VELO as Investment Cautionary Cryptocurrency

Bithumb designates Velo Protocol’s VELO a cautionary cryptocurrency over transparency issues, halting deposits beginning 2/22. Bithumb to reevaluate standing in March.

Bithumb, South Korea’s largest cryptocurrency trade, has designated Velo Protocol’s VELO token as an funding cautionary cryptocurrency efficient February 22, 2023. The trade cited lack of transparency into Velo’s enterprise actions and failure to adjust to earlier enchancment requests as causes for the designation.

Deposits of VELO shall be suspended beginning at 4PM KST on February 22. Bithumb will determine whether or not to increase the cautionary designation in early March. Through the designation interval, Velo Protocol may have the chance to resolve the cited points and request removing of the cautionary standing.

Bithumb instituted its funding cautionary designation coverage to guard buyers by offering warnings about probably regarding cryptocurrencies provided on its platform. Cryptocurrencies may be designated cautionary for causes together with lack of transparency, rumors of misconduct, technical vulnerabilities, and regulatory noncompliance.

In accordance with Bithumb’s discover, the trade has been unable to confirm particulars of Velo’s enterprise actions and growth progress. Moreover, Velo allegedly did not adjust to all provisions of a earlier enchancment request. Bithumb now considers extra investor protections crucial.

Velo Protocol, developed by Velo Labs, points VELO tokens on the Stellar blockchain. The Velo Protocol ecosystem goals to facilitate quick, inexpensive, and safe transactions. The protocol connects conventional monetary companions and cryptocurrency suppliers to boost liquidity and interoperability.

Bithumb acknowledged its dedication to sustainable and systematic oversight of listed cryptocurrencies. The trade goals to offer a sound buying and selling atmosphere by open communication and coordination with exterior consultants and challenge foundations.

Picture supply: Shutterstock

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