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 will remove the $SNX/BTC trading pair from Upbit, turning a weeks-old caution designation into a confirmed delisting date. The timeline gives $SNX holders a clear deadline for moving their assets off the exchange. Upbit, which dominates South Korea’s Korean won-denominated crypto trading market, has increased delisting activity this year as local regulators urge exchanges to strengthen their listing standards.
Upbit Delisting Follows Weeks-Long Review
Upbit added $SNX to its warning list on August 7. The exchange uses the designation to flag digital assets that could face removal. BlockchainReporter previously reported on the review when it began.
The latest notice ends that review with a firm trading cutoff. Upbit cited unresolved concerns involving changes to the token’s supply plan, business authenticity, sustainability and project progress. The exchange presented those issues as the basis for ending support rather than reinstating the asset. The announcement did not outline an appeal process or remediation path.
Why Upbit Is Removing the $SNX/BTC Pair
Upbit did not identify a single technical failure as the reason for the delisting. Instead, the notice focused on broader fundamental concerns that may have changed since the token was originally listed, including potential changes to its supply plans and questions about the sustainability of the underlying business.
The exchange has used a similar process in previous cases, placing tokens with unresolved security or governance concerns on caution lists before removing them. BlockchainReporter has tracked this pattern as South Korean cryptocurrency exchanges tighten their listing standards. Synthetix, a decentralized derivatives liquidity protocol, has also faced broader questions about its token economics as its ecosystem has developed.
What $SNX Holders Need to Know
Withdrawals will remain available for 30 days after the September 28 trading cutoff, leaving users with a withdrawal deadline of October 28. After that date, Upbit may no longer support the asset. The exchange has not announced a migration process or replacement listing.
$SNX remains available on other trading platforms. Holders who prefer self-custody or another exchange should move their balances before the deadline to avoid losing access to their tokens. Upbit also advised users to complete any outstanding trades in the $SNX/BTC pair before trading ends on September 28.
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