Upbit will end BONK trading support on Sept. 7 at 3:00 PM KST, covering BONK/KRW and BONK/USDT pairs, after determining the reasons for the token's "under investigation" designation from July 7 had not been resolved. Rival South Korean exchange Bithumb continues to support BONK, creating divergent policies between the country's two largest crypto platforms.
Upbit ends BONK trading support Sept. 7 at 3:00 PM KST, removing one of two major South Korean venues for the Solana meme coin.
BONK was flagged as a digital asset under investigation on July 7, and the reasons for that designation had not been resolved after review, Upbit said in its delisting notice. The exchange will terminate BONK/KRW and BONK/USDT trading pairs, with withdrawal support ending Oct. 7.
Rival exchange Bithumb continues to list BONK, creating divergent policies between South Korea's two dominant crypto trading platforms. The split means Korean retail traders seeking KRW-denominated BONK exposure will have only Bithumb as a domestic venue after Sept. 7.
The delisting removes a significant liquidity pool for BONK, a token that gained prominence on Solana's meme-coin wave and has maintained a Korean retail following since its late-2023 launch. Upbit and Bithumb together dominate Korean won-denominated crypto trading, so the loss of one venue materially narrows domestic access to the token.
The divergent stance between the two exchanges is notable because Upbit and Bithumb have historically moved in tandem on listing decisions, often coordinating delistings of tokens flagged for regulatory concerns. Bithumb's decision to maintain BONK support suggests its internal review reached a different conclusion about the token's compliance status.
Traders may shift BONK volume to Bithumb or offshore venues such as Binance, while the asymmetric stance between the two Korean platforms could widen price spreads and create arbitrage windows before the Sept. 7 cutoff. The delisting also raises questions about whether Upbit's scrutiny could extend to other Solana-based meme tokens listed on the exchange, given the compliance obligations Korean exchanges face under the Virtual Asset User Protection Act, which took effect in July 2024 and requires ongoing reviews of listed assets.
For BONK holders on Upbit, the Oct. 7 withdrawal deadline leaves roughly one month to move assets off the platform. Those who miss the cutoff risk having their holdings locked, though Upbit has not disclosed the specific disposition process for unwithdrawn assets.
This article is for informational purposes only and does not constitute investment advice.
