Upbit, South Korea’s largest cryptocurrency exchange, will end trading support for Synthetix ($SNX) at 3:00 p.m. local time on September 28, according to an official notice published on August 28. The decision removes the $SNX/BTC trading pair from the platform and converts a weeks-old caution into a firm delisting date, giving holders a clear timeline for moving their assets off the exchange. Upbit, which dominates Korean won-denominated crypto trading, has stepped up delisting activity this year as local regulators push exchanges to tighten their listing standards.
A Delisting Weeks in the Making
Upbit added $SNX to its warning list on August 7, a step the exchange uses to flag assets facing possible removal, a move BlockchainReporter reported when the review first took effect. The new notice closes that review with a hard cutoff. Upbit said the token carries unresolved issues around supply-plan changes, business authenticity, sustainability and project progress that could ultimately harm users, presenting those concerns as the reason for pulling support rather than reinstating the asset. No appeal or remediation path was outlined in the announcement.
Why Upbit Is Pulling the Pair
Upbit did not point to a single technical failure. Instead, the notice frames the delisting around fundamentals that have shifted since the token’s original listing, including how its supply plans may change and whether the underlying business remains sustainable. The exchange has followed a similar path before, moving tokens with unresolved security or governance questions onto caution lists ahead of removal, a pattern BlockchainReporter has tracked as South Korean platforms tighten their listing standards. Synthetix, a decentralized derivatives liquidity protocol, has faced broader questions about its token economics as its ecosystem has evolved.
What $SNX Holders Need to Know
Withdrawals remain open for 30 days after the September 28 cutoff, keeping the window available until October 28. After that point the exchange may no longer support the asset, and Upbit has not announced any migration or replacement listing. $SNX continues to trade on other venues, so holders who prefer self-custody or another platform should move their balances before the deadline to avoid losing access to their tokens. The exchange advised users to complete any outstanding trades on the pair before the September 28 halt takes effect.
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