Terra’s founder Do Kwon is apparently having trouble getting Terra 2.0 listed on major exchanges in South Korea.
Upbit, Coinone, Kobit, Bithumb and GoPax are among the top five South Korean exchanges that Do Kwon has contacted, according to the report. The coin will be issued as part of a widely accepted restoration plan that will relaunch the Terra blockchain this week.
The move of South Korean exchanges surprised
In addition to Upbit, four exchanges appear to be separating themselves from Terra, according to a Heraldcorp story from South Korea. This distance shown by Coinone, Kobit, Bithumb and GoPax to list Terra 2.0 is based on the fact that the Korean government is currently investigating Kwon and its business Terraform Labs (TfL).
According to the exchanges, Do Kwon should approach the listing through official listing channels.
The exchanges have informed Korean media Heraldcorp that they are afraid of offering the token due to suspicions of theft by TfL and an ongoing police investigation.
After the recession of Terra, most crypto exchanges around the world delisted LUNA and the stablecoin UST. However, traders continued to pile on Luna in the hope that it would regain at least part of its value. So far, that hasn’t happened.
Despite this, South Korean exchanges are attracting regulatory scrutiny for failing to remove or stop LUNA trades as quickly as possible.
Upbit came forward for listing
However, if the airdrop is successful, South Korea’s largest exchange, Upbit, is set to introduce the new Terra Coin.
This is because Upbit believes that the airdrop will benefit Terra holders; An Upbit spokesperson informed HeraldCorp that the exchange will enable trading of the new Luna.
The airdrop of the fresh LUNA token will primarily target LUNA holders prior to the crash, with initial liquidity for smaller holders.
Terra 2.0 appears to be supported by other exchanges as well. According to a tweet, the new cryptocurrency will be backed by HitBTC.
MEXC, another crypto exchange also asked users to vote whether this should help users burn LUNA. The results will be presented by May 26. Major exchanges including Binance, Coinbase and FTX have yet to say whether they will support the reincarnation.