Crypto Exchange Upbit Announces Asset Delistings Amid Regulatory Scrutiny

Precedent & Market Context

The recent delistings by Upbit follow a pattern of regulatory enforcement in the crypto market. In July of this year, Upbit added Zilliqa (ZIL) to the trading caution list due to a security incident with the Zilliqa Ledger app. The exchange subsequently conducted a detailed review of virtual assets and determined that the reasons for designating Zilliqa as a trading caution item have not been resolved.

Asset Delistings and Regulatory Scrutiny

Upbit has announced the delistings of Zilliqa (ZIL) and Sophon (SOPH), with trading support to be terminated on November 16, 2026, at 15:00 KST. The affected trading pairs are ZIL/KRW, ZIL/BTC, SOPH/KRW, SOPH/BTC, and SOPH/USDT. The delistings are attributed to security incidents and regulatory concerns, with Upbit citing its policy on the designation of virtual assets as caution items and the end of trading support.

XRP Dominance on Upbit

XRP continues to dominate trading volumes on Upbit, surpassing major cryptocurrencies Bitcoin and Ethereum. According to CoinMarketCap data, XRP's Korean won pair was the most traded market on Upbit over the past 24 hours, with about $87.12 million in volume. XRP remains slightly muted, up just 2.76% in the last 24 hours to $1.33.

Conclusion

The announcement by Upbit highlights the ongoing regulatory enforcement in the crypto market. Exchanges are under scrutiny for their handling of security incidents and virtual assets, with delistings and regulatory scrutiny being used as tools to maintain market stability. Traders and investors should remain vigilant and monitor market developments to stay ahead of the curve.