Bithumb to start monthly screening of cryptocurrencies to kick out subpar coins

South Korea’s largest cryptocurrency exchange Bithumb said Thursday it will tighten its own screening of the eligibility of virtual coins trading on its platform starting next month.

It will establish an independent screening board, and “disqualified” coins would be placed on a black list to face delisting if there are no signs of improvement in the following two months, the company said.

Delisted tokens would no longer be available on Bithumb but would still be found on other exchanges.

Bitthumb said guidelines for delisting would be daily trading volumes, volatility in market cap, lack of support from cryptocurrency developers, technological deficiencies, involvement in financial crimes and delisting requests from external cryptocurrency associations.

Bitthumb plans to form later this month an advisory board consisted of lawyers and professors to back the new board. Experts in law, technology and fintech would also be asked to participate in the committee to ensure…