South Korean digital asset exchange Upbit announced the removal of Storj (STORJ), JasmyCoin (JASMY), and ThunderCore (TT) from its trading pairs, citing insufficient project transparency and inadequate operational disclosures.
According to the official listing notice published by Upbit, trading for STORJ, JASMY, and TT will end on September 14. The exchange stated that the affected projects failed to provide adequate guarantees regarding business consistency, future development plans, token circulation metrics, and project transparency when requested.
Upbit Delists STORJ, JASMY, and TT Citing Transparency Concerns
The upcoming delisting targets three distinct crypto assets. Upbit flagged STORJ and JASMY for lacking sufficient clarity regarding current and projected business operations. For ThunderCore’s native token, $TT, the exchange cited missing guarantees concerning the total token supply, circulation schedules, and roadmap execution.
Regulatory scrutiny surrounding digital asset exchanges in South Korea has intensified significantly. Intermediaries face increased political and legal pressure regarding asset oversight following incidents where users experienced severe losses on speculative tokens. While Upbit did not tie this specific enforcement action to regulatory investigations, the exchange’s stricter evaluation criteria reflect a broader industry shift toward rigorous post-listing compliance.
Market Impact and Price Reactions
Market response to the Upbit announcement varied across the affected tokens.
The enforcement action highlights the growing friction between major trading venues and token issuers regarding ongoing disclosures. As exchanges adopt restrictive approaches to asset management, projects failing to maintain active communication channels face immediate removal from high-volume order books.
Frequently Asked Questions
- When will STORJ, JASMY, and TT be removed from Upbit? Trading support for all three tokens ceases on September 14.
- Why are these tokens being delisted? Upbit cited insufficient transparency, unclear business progress, and inadequate documentation regarding token circulation and future development plans.
- How did the market react to the announcement? STORJ dropped more than 8% on the day of the announcement, while JASMY saw a smaller decline of around 2%.