South Korea's two largest cryptocurrency exchanges, Upbit and Bithumb, have announced significant delistings, removing tokens Dent (DENT) and Blocery (BLY) from their platforms. The moves underscore a tightening regulatory environment and a shift towards stricter exchange governance.
Upbit will delist DENT on March 30, 2025, at 6:00 a.m. UTC. Trading for DENT/KRW and DENT/BTC pairs will be suspended first on March 28. Withdrawal services will remain available until April 27, 2025. Following the announcement, DENT's price fell by 23% within three hours, with trading volumes surging to 300% of their 30-day average. The exchange cited its standard quarterly review process, which evaluates trading volume stability, development activity, regulatory adherence, and security standards.
Bithumb will delist BLY on the same date and time, March 30, 2025, at 6:00 a.m. UTC. Deposit services ceased immediately upon the announcement on March 14. The delisting follows Bithumb's comprehensive quarterly project review, assessing similar criteria including development activity, liquidity, and regulatory compliance. Users will have a separate withdrawal period, typically 30-60 days after the trading suspension, to move their assets.
Both exchanges operate under the strict oversight of South Korea's Financial Services Commission (FSC) and Financial Intelligence Unit (FIU), which implemented enhanced cryptocurrency oversight measures in 2024. Industry analysts view these delistings as part of a broader global trend where major exchanges like Binance and Coinbase are pruning their listed assets to prioritize compliance and market integrity.
For DENT, the delisting marks a downturn for a project that once reached a market cap of $1.8 billion in 2021 but had fallen to approximately $87 million prior to the announcement. For BLY, the focus is on the immediate need for holders to secure their assets on other platforms or in private wallets before the deadlines.
