South Korea's two largest cryptocurrency exchanges, Upbit and Bithumb, will jointly end trading support for Storj (STORJ), JasmyCoin (JASMY) and ThunderCore (TT) on September 14, following earlier warning designations that the exchanges said were never adequately resolved by the projects.
Trading in the affected pairs will remain open until 3:00 p.m. KST on September 14, after which any unfilled buy or sell orders will be automatically canceled. Withdrawals will continue to be supported for a further month, closing at 3:00 p.m. KST on October 14, giving holders time to move their tokens to a compatible wallet or another exchange.
Different Tokens, Overlapping Concerns
Upbit cited distinct but related issues for each token. For JASMY, the exchange pointed to shortcomings in disclosures about matters capable of materially affecting the asset, along with broader concerns about the project's business substance, sustainability and demonstrated progress. STORJ drew similar criticism over disclosure sufficiency, project functionality and long-term sustainability, while TT's review centered on questions about the project's ongoing operations as well as issuance and circulation concerns first flagged in an earlier warning designation.
The STORJ delisting arrives against a difficult backdrop for that project specifically: Storj Labs, the company behind the decentralized storage network, filed for Chapter 11 bankruptcy protection in July, even as the underlying network reportedly continues operating. A corporate bankruptcy filing does not automatically halt an open-source protocol's operation, but it does complicate the kind of ongoing disclosure and business-continuity assurances exchanges like Upbit look for when deciding whether to keep a token listed.
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A Recurring Pattern for South Korean Exchanges
South Korea's exchanges have taken an increasingly active role in policing token quality this year, moving projects through formal warning designations before delisting them if the underlying concerns go unaddressed within a set review window. The joint Upbit-Bithumb announcement — rather than each exchange acting independently — also signals a degree of coordination between the country's dominant platforms on enforcement decisions, which tends to concentrate the market impact of a delisting into a single announcement rather than spreading it across staggered exchange-specific actions.
