Upbit, South Korea's dominant cryptocurrency exchange by trading volume, has announced plans to delist STORJ and JASMY. The exchange cited regulatory concerns as the driving factor behind the decision, according to a notice reported by Coinfomania.
A separate report from BeInCrypto described the delisting notice as affecting three altcoins in total, though it did not name all three tokens explicitly alongside STORJ and JASMY. The discrepancy highlights how delisting notices can sometimes cover a broader basket of assets than initial headlines suggest.
Both reports agree on a key detail: trading in the affected tokens is expected to end before a September cutoff. Exchanges typically provide users with a grace period to withdraw holdings or convert positions before a token is fully removed from the platform.
Upbit's decision fits a broader pattern among major exchanges operating in South Korea. Regulators there have tightened scrutiny of digital asset listings in recent years, pushing platforms to periodically review tokens for compliance with local rules. Projects that fail to meet disclosure, governance, or ongoing compliance standards can find themselves removed from trading venues with little warning.
STORJ, the native token of a decentralized cloud storage network, and JASMY, tied to a data-focused project, have both traded on Upbit for an extended period. Their inclusion on a delisting notice signals that even established, long-listed tokens are not immune from renewed regulatory review.
Market reaction followed swiftly. BeInCrypto reported that prices for the named tokens moved lower after the delisting notice circulated, a common pattern when an exchange with significant trading volume signals it will remove support for an asset. Liquidity concerns often compound price pressure once a delisting is announced, since traders anticipate reduced access to the token on major platforms.
Neither report specified the precise regulatory issues that triggered Upbit's review of STORJ and JASMY. Exchanges frequently withhold granular reasoning behind delisting decisions, citing internal compliance assessments rather than public disclosure of specific violations.
Market Impact
Delistings from a major exchange like Upbit typically reduce a token's accessible liquidity, particularly for traders relying on South Korean won trading pairs. Price weakness following such announcements is common, as seen in the reported declines for the affected tokens.
The broader market impact depends on whether other exchanges follow with similar reviews. If regulatory concerns cited by Upbit reflect issues that other platforms also scrutinize, additional listings actions elsewhere cannot be ruled out. Traders holding STORJ, JASMY, or related tokens should monitor exchange announcements closely ahead of the September cutoff.
The delisting notice underscores how regulatory pressure continues to shape which tokens remain accessible on major exchanges. Holders of STORJ and JASMY, along with any additional tokens named in Upbit's notice, face a limited window before trading ends in September.
Frequently Asked Questions
Which tokens has Upbit announced it will delist?
Upbit has named STORJ and JASMY in its delisting notice, citing regulatory concerns. One report suggests a third token may also be included, though this has not been fully detailed across all reports.
When will trading in these tokens end on Upbit?
Reports indicate a cutoff date in September, though the exact day was not specified in the available information.
Why did Upbit decide to delist these tokens?
Upbit cited regulatory concerns as the reason, without publicly detailing the specific compliance issues involved.
What happens to holders of STORJ or JASMY on Upbit before the deadline?
Exchanges generally allow a grace period for users to withdraw or trade out of positions before a token is fully removed, though specific instructions from Upbit were not detailed in the reports reviewed.