Upbit Delists SNX On September 28, Citing Fundamental Risks
Synthetix (SNX)
Editor:
Eugene Serbin
bitcoinethereumnews.com reports that Upbit, South Korea’s largest cryptocurrency exchange, will end trading support for Synthetix (SNX) at 3:00 p.m. local time on September 28. This decision removes the SNX/BTC trading pair from the platform and converts a previous warning into a firm delisting date. Upbit added SNX to its warning list on August 7, flagging the asset for possible removal due to unresolved issues.
The exchange cited concerns regarding supply-plan changes, business authenticity, sustainability, and project progress that could harm users. Unlike previous technical failures, these fundamental shifts have led to the decision to pull support without a remediation path. Withdrawals will remain open for 30 days after the cutoff, keeping the window available until October 28.
After that point, the exchange may no longer support the asset, and no migration or replacement listing has been announced. Holders are advised to move their balances to self-custody or another platform before the deadline to avoid losing access. Upbit has not outlined any appeal process for the token's removal from its listing standards.
How the market reacted
Whalio's own Binance spot order flow for SNX, measured when this story was written up on 28 August 2026. Not the outlet's figures.
Whalio data shows SNX trading at $0.2268 with a 1-hour buy ratio of 68.8%, indicating strong short-term buying pressure. This is higher than the 4-hour buy ratio of 59.9% and the 24-hour buy ratio of 51.9%, suggesting that buying intensity is building over the last hour. The volume delta reflects this activity with positive inflows of +$3,190 in the last hour and +$27,286 over four hours. Over the past 24 hours, the volume delta stands at +$11,744, with a cumulative volume delta (CVD) of +$29,993. This indicates that buyers have been in control for 16 out of the last 24 hours, driving net accumulation despite the delisting news.
The latest daily buy ratio of 49.8% sits at the 48th percentile of the last 322 days, against a median of 49.8% - ordinary for this coin.
Twenty-four hours later
What SNX did over the 24 hours after the story broke. The market moves for its own reasons; this is what happened, not what the story caused.
Was that an ordinary day?
The same Binance spot measurements for SNX, averaged over the days leading up to the story.
Comparing today's activity to the preceding week, the 24-hour buy ratio of 51.9% is slightly above the 7-day average of 48.5%, a difference of 3.4 percentage points. However, the spot volume of $317,872 is only 0.28 times the weekly average, indicating significantly lower trading activity than usual. While the price has risen 6.0% over eight days, the total volume delta for that period is -$239,411, showing net outflows over the longer term. This suggests that while short-term buying is active, the broader weekly trend has been characterized by lower volume and net selling pressure.