Two major South Korean cryptocurrency exchanges, Bithumb and Upbit, have announced they will delist four tokens under a decision made within the framework of the Digital Asset Exchange Association (DAXA). Bithumb will delist WITCH, TALK, and HVH tokens, while Upbit will delist the Napoli Fan Token (NAP) as of May 18, 2026.
Bithumb decides on delisting three tokens
According to Bithumb's announcement, trading support for WitchToken (WITCH), Talken (TALK), and HVH will end on Monday, May 18, 2026, at 3:00 PM. These three tokens were previously categorized as "trading prudent"; however, the issues that justified this status have not been resolved. Therefore, Bithumb has determined that continuing the listing is incompatible with user protection.
Withdrawal support will continue for another month: until June 18, 2026, users will be able to transfer their tokens off-exchange. Bithumb has published a separate guide for withdrawal requests extending beyond this date and warned that technical support may be restricted over time.
WITCH and TALK were most affected by this development. WITCH's price experienced a 25% drop. TALK fell by 74% in just 24 hours. HVH experienced a 10% drop.
Upbit is delisting NAP
The Napoli football club's fan token, NAP, will also undergo a delisting process indexed to the same date, May 18, 2026. Upbit had placed the token on its precautionary watchlist on January 16, 2026. Having determined that its combined market value performance on domestic and international exchanges was insufficient and posed a potential risk of loss for investors, the exchange announced its decision to end the listing. All pending orders placed before the delist date on the NAP/BTC pair will be automatically canceled. Upbit stated that it will continue processing withdrawals for 32 days after the delist date, until June 18, 2026. Deposits made after this date will not be reflected in the system; resolving erroneous transfers may take a long time.
DAXA coordination
The prominent name in both announcements is DAXA, the Digital Asset Exchange Association. This organization, which includes leading Korean exchanges such as Bithumb, Upbit, Korbit, and Coinone, operates a common monitoring and evaluation protocol. A token being placed on the "prudent watch" list serves as a final warning before the official delisting; it gives projects time to resolve their issues. However, it appears that this time was not used for any of the four tokens. This situation is particularly unfortunate for fan tokens. Because tokens like NAP are so dependent on league developments and club business decisions, it becomes difficult for them to position themselves as long-term investment vehicles.
What should users do?
Investors holding WITCH, TALK, HVH, or NAP need to note the June 18, 2026 deadline. Exchanges are clear on this: if transfers are not made within the support period, token access may be suspended or even permanently restricted for technical reasons. Support will no longer be provided for technical events such as airdrops, wallet updates, or hard forks. South Korean exchanges usually implement such decisions together and quickly. Given how fragile fan token projects are in terms of market depth and size criteria, it would not be surprising to see similar delisting waves in the near future.
