Upbit, Bithumb and Binance announced new trading decisions affecting spot and derivatives markets. The South Korean exchanges tightened restrictions on SNX and ICX.
Upbit and Bithumb will delist Synthetix in September. Both exchanges also placed ICON on their investment warning lists.
Binance, meanwhile, launched TradFi perpetual contracts linked to five US stocks. The platform offers leverage of up to 20x on the new contracts.
Upbit and Bithumb to delist SNX
According to Upbit’s announcement, the exchange will delist the SNX/BTC pair on September 28. Trading will end at 3:00 p.m. KST, or 9:00 a.m. Turkey time.
The exchange reviewed changes to SNX’s total supply and circulation plans. It also examined the project’s activity and long-term sustainability.
Upbit concluded that the remaining shortcomings could pose risks to users. The project’s explanations failed to resolve the concerns behind its warning status.
Bithumb will also end SNX trading on the same date and at the same time. The exchange said the project team’s explanations did not adequately address its concerns.
Both platforms will support SNX withdrawals until October 28. They will cancel all open orders after trading ends.
Users may need to register external wallet addresses in advance. Whitelisting reviews can take time, making early preparation important.
ICX placed on investment warning lists
The second joint decision from Upbit and Bithumb involved ICON. Both exchanges placed ICX on their investment warning lists on August 28.
Upbit will keep the ICX/KRW pair under review until the third week of September. The exchange expects to complete its assessment between September 14 and September 18.
The exchanges identified an unresolved security incident involving infrastructure connected to ICX. Their notices pointed to the project’s wallet or distributed ledger systems.
Bithumb said the cause of the incident remained unclear. The platform added that the security issue had yet to be fully resolved.
Both exchanges suspended ICX deposits and withdrawals. Deposits made during the suspension may not reach user accounts.
Neither exchange has issued a final delisting decision for ICX. Following their reviews, they may remove the warning, extend it or end trading support.
Binance launches five TradFi contracts
Binance Futures launched five USDT-margined TradFi perpetual contracts on August 28. The new products are TEMUSDT, MRKUSDT, IONQUSDT, MARAUSDT and PDDUSDT.
The contracts track Tempus AI, Merck, IonQ, MARA Holdings and PDD Holdings. They went live between noon and 12:20 p.m. Turkey time.
Binance offers leverage of up to 20x on each contract. The exchange set the minimum order value at 5 USDT.
Funding payments settle every eight hours. The upper and lower funding rate limits stand at plus or minus 2%.
The TradFi contracts are available around the clock, seven days a week. Binance may adjust leverage and margin requirements according to market conditions.
These products are derivatives tied to the price movements of the underlying companies. Buying a contract does not give investors direct ownership of the corresponding shares.
The decisions reflect two different directions among major crypto exchanges. Upbit and Bithumb increased their risk controls on selected altcoins.
Binance expanded its range of products linked to traditional financial assets. September deadlines remain important for SNX and ICX holders, while the leveraged contracts carry elevated liquidation risk.
