Upbit, South Korea’s largest crypto exchange, said it will remove trading support for Bonk after a month-long review found issues it said were not resolved. The announcement pushed the Solana-based meme coin down to an intraday low of $0.00000255, its weakest level since November 2023.

At the time cited by the source report, BONK was trading at $0.00000264, down nearly 7% on the day. Upbit said trading in the BONK/KRW and BONK/USDT markets will end at 15:00 KST on Sept. 7, with withdrawals remaining available for 30 days after trading stops.

Why Upbit is removing BONK

In its notice, Upbit said BONK no longer satisfies the exchange’s listing requirements. The platform said its review found several outstanding concerns, including a security incident tied to the token whose cause, according to the exchange, has not been identified or fixed.

Upbit also cited what it described as a failure by the token’s operators to disclose material information in a timely way. The exchange said the decision was made under its cautionary asset designation and trading support termination policy after the concerns behind BONK’s earlier warning status were not resolved.

Review followed July cautionary designation

The delisting decision follows a warning issued on July 7, when Upbit designated BONK as a cautionary trading asset. That move came after BONK DAO confirmed a $20 million governance attack on its treasury.

Upbit said it conducted a further close review over roughly a month before deciding to terminate support. Once trading ends on Sept. 7, all open orders in the BONK/KRW and BONK/USDT pairs will be canceled automatically.

Market reaction and recent performance

The delisting notice added pressure to a token that had already been underperforming. BONK fell to $0.00000255 after the announcement and, according to the source report, had declined 30.5% over the previous month.

That weakness stood out even within the meme coin segment. The report said larger peers such as Dogecoin and Shiba Inu posted only single-digit declines over the same period, leaving BONK among the poorest performers in the large-cap meme coin group. It also means BONK is set to lose access to one of South Korea’s deepest pools of retail crypto liquidity.

What holders need to know next

Upbit said users will be able to withdraw BONK until Oct. 7, 30 days after trading support ends. The exchange warned that any BONK deposited after the delisting date will not be credited to user accounts.

It also said mistaken transfers made after the withdrawal deadline could take a long time to recover. In addition, Upbit will no longer provide support for BONK-related airdrops, wallet upgrades or hard forks. The next point of focus for the market, according to the source report, is whether other South Korean exchanges take similar action in the weeks ahead.

Source: beincrypto.com