- Upbit’s SOPH warning leads crypto news as disclosure concerns trigger a review.
- Binance will remove seven USDC pairs on September 25, keeping tokens available.
- Bithumb also flags SOPH over disclosures and changes to its token circulation plan.
Crypto news centered on two separate exchange actions as South Korea’s Upbit placed Sophon (SOPH) under review while Binance prepared to remove seven USDC spot trading pairs.
The actions have different consequences. Upbit suspended SOPH deposits while keeping its existing spot markets open during a review. Binance’s action affects only seven specified USDC order books and does not constitute token-wide delistings.
Upbit Keeps SOPH Trading During Review
Upbit declared SOPH a trading-caution asset at 3:00 p.m. Korea Standard Time, covering SOPH/KRW, SOPH/BTC and SOPH/USDT.
The exchange blocked deposits when it published the notice but kept existing spot markets available. Its review identified “numerous deficiencies” and a “potential for user harm.”
Specifically, Upbit questioned the timing and channels of material disclosures, alongside changes to SOPH’s token circulation plan.
It also examined whether procedures governing those changes met transparency and reasonableness standards. Those concerns form the basis of a warning period running through October 12–16.
During that period, Upbit will assess whether the project has addressed the issues behind its designation. The exchange can lift the warning, extend the review or terminate trading support. It will announce any extension or termination separately.
For holders, the deposit restriction already affects transfers into Upbit, even as spot trading continues. Deposits sent after the cutoff will not receive normal credit and remain subject to return. However, Upbit has suspended deposit-return processing while deposit support remains closed.
Binance Sets September 25 Deadline for Seven USDC Pairs
Meanwhile, the Binance action in this crypto news update concerns individual trading pairs rather than complete token delistings.
Trading will end at 03:00 UTC on September 25 for AIXBT/USDC, DOLO/USDC, ENJ/USDC, HUMA/USDC, SXT/USDC, TNSR/USDC and TURTLE/USDC. Binance cited factors including poor liquidity and trading volume following its regular market review.
However, users can continue trading the underlying assets through other supported Binance spot markets where available. USDC also remains supported, with the announcement affecting only the seven specified order books. The notice contains no comparable token-wide withdrawal schedule.
Spot Trading Bot services linked to those pairs will stop at the same deadline. Binance advised users to disable or cancel affected bots before trading ends. That instruction accompanies the market closures, while other supported pairs remain available.
The exchange followed a similar process when removing BREV/USDC, COOKIE/USDC, LA/USDC and QNT/USDC on September 18.
Those underlying tokens also remained available through other supported markets. That earlier action provides another example of Binance removing selected pairs while retaining the assets.
Crypto News Review Extends to Bithumb’s SOPH Warning
Alongside Upbit’s announcement, Bithumb placed SOPH under investment caution on September 22. Its concerns similarly involved disclosures, circulation-plan changes and related procedures.
SOPH had also entered Binance’s Monitoring Tag assessment in August. Binance provided no asset-specific reason for including SOPH at that time. The tag itself did not remove the token from spot trading.
Separately, Upbit’s September 22 market report showed SOPH/KRW near 6.01 won, down by 1.64% over 24 hours. Prices ranged between 5.87 won and 6.11 won during that period.
Earlier network transitions in relatioon to the crypto news, also remain separate from the stated review concerns. Bithumb switched supported SOPH transfers to Ethereum in July, while Upbit completed another transition in September. Upbit’s warning did not identify either migration as causing its token circulation concerns.
This article is for informational purposes only and does not constitute financial or investment advice. Exchange reviews and warning designations do not establish wrongdoing or guarantee that an asset will be delisted.
