South Korea’s three largest cryptocurrency exchanges — Upbit, Bithumb, and Coinone — have simultaneously placed Synthetix (SNX) under delisting review and suspended deposits for the token. At the same time, Upbit announced that it will fully remove Bonk (BONK) from its trading platform on September 7. These back-to-back actions signal a stricter regulatory stance among Korean platforms, which have been tightening listing standards in the wake of high-profile project failures and increased oversight from the Financial Services Commission.
The exchanges cited multiple shortcomings in SNX’s governance and operations, including unclear procedures for changes to total issuance and circulating supply, a lack of substantive business progress, and insufficient evidence of the project’s long-term viability. The SNX deposit suspension took effect at 7:30 a.m. UTC on August 7, and while trading may continue for now, the coin could be fully delisted if the issues are not resolved during the review window set for August 24–28. This represents a notable departure for Synthetix, a well‑established DeFi protocol that has been a major presence in the market since its launch.
In a separate but related move, Upbit confirmed that BONK will be removed from all trading pairs — BONK/KRW and BONK/USDT — on September 7. Withdrawals will remain available for an additional month, until October 7, giving holders a window to move assets to external wallets. Upbit pointed to unresolved security incidents and a lack of transparent material disclosures as grounds for the delisting. The loss of its KRW fiat pair, which often serves as the primary price discovery channel for tokens favored by Korean retail traders, is expected to significantly reduce liquidity for BONK and may increase slippage on alternative venues.
These coordinated moves reflect a growing trend among South Korean exchanges to proactively delist tokens that do not meet evolving best‑practice guidelines, even if those tokens have substantial market capitalizations or active communities. The actions are carried out under the country’s Specific Financial Information Act, which mandates continuous monitoring of listed digital assets. For holders of SNX and BONK, the immediate risk is clear: they must prepare for possible or confirmed loss of direct fiat trading access on the dominant Korean platforms.
