The five major Korean won exchanges, including Upbit, Bithumb, Coinone, Covit and Gopax, which are major members of the Korea Blockchain Association, have decided to leave the association.

Amid criticism from inside and outside the industry that the association has not actively played its role since last year,

If the five major exchanges are excluded, it is likely to be operated as an association consisting of only small and medium-sized exchanges. With the five major exchanges leaving, which had a large proportion of membership fees compared to small and medium-sized exchanges,

Attention is focusing on whether the association will continue to operate with financial burdens amid the coin market recession.

On the 7th, the five major Korean won market exchanges, including Upbit, Bithumb, Coinone, Kobbit and Gopax, agreed to withdraw from the Korea Blockchain Association.

On the same day, these exchanges reportedly sent an official letter confirming their withdrawal to the association.

“We have decided to leave the association,” said an official at the Korea Won Market Exchange. “To efficiently respond to changes in the environment such as the digital asset market and policies,

The five major exchanges agreed that it is necessary to work through DAXA (joint consultative body of digital asset exchanges) rather than the existing blockchain association.”