Key Insights on Recent Upbit Developments

• ICX/KRW Delisting: Upbit has announced the delisting of the ICX/KRW trading pair due to unresolved security concerns, effective October 19.

• Order Cancellation and Withdrawal Support: All open ICX/KRW orders will be canceled, but users can withdraw their ICX tokens until November 18.

• JPYC Price Volatility: Following its listing on Upbit, JPYC surged by 197.5% to 35.7 won before declining to around eight won.

Upbit Delists ICX/KRW Amid Security Concerns, JPYC Experiences Volatile Trading

SEOUL, South Korea — In a significant move that has sent ripples through the cryptocurrency community, Upbit, one of South Korea’s leading exchanges, announced the delisting of the ICX/KRW trading pair effective October 19, 2026. This decision comes in light of unresolved security concerns surrounding the ICON (ICX) token, prompting the exchange to take precautionary measures to protect its users.

Security Concerns Prompt Delisting

Upbit revealed that it would halt trading for ICX/KRW at 3:00 p.m. Korea Standard Time on the specified date. All open orders will be automatically canceled, but users will have until November 18 to withdraw their ICX tokens. The exchange cited ongoing risks of security incidents related to ICON, which had previously been designated as an investment caution asset.

“Despite earlier warnings, the security issues surrounding ICX remain unresolved,” Upbit stated in its announcement. “We prioritize the safety of our users and must act accordingly.”

Impact on Users

For ICX holders, the delisting means they must act quickly to withdraw their assets before the November deadline. Open orders will be canceled automatically, leaving users with limited time to manage their investments. The exchange’s decision underscores the growing scrutiny on cryptocurrencies and the importance of security in the digital asset space.

Previous Token Removals Highlight Broader Issues

This latest delisting follows Upbit’s earlier announcements regarding the removal of trading pairs for JASMY, Storj, and ThunderCore. The exchange cited various shortcomings, including lack of transparency and business viability, as reasons for these removals. Upbit emphasized that these decisions were made to mitigate potential risks to users.

“User safety is our top priority,” the exchange reiterated, as it continues to navigate the complex landscape of cryptocurrency regulation and security.

JPYC Experiences Dramatic Price Swings

In a separate development, the recent listing of the yen-pegged stablecoin JPYC on Upbit has drawn attention due to its dramatic price movements. After launching at 6:00 p.m., JPYC soared by an astonishing 197.5%, reaching 35.7 won within just 40 minutes. However, the price quickly retraced to around eight won, highlighting the volatility often seen in newly listed tokens.

With approximately 120 billion won in buy orders flooding in immediately after the listing, Upbit accounted for about 90% of JPYC’s trading volume. Initial trading was hampered by the unavailability of deposits and withdrawals, which were only opened about 50 minutes after trading commenced.

Community Reactions

The cryptocurrency community has been abuzz with discussions surrounding these developments. Many users took to social media platforms to share their experiences, with some reporting significant gains by trading JPYC for USDC through decentralized exchanges like Uniswap.

As Upbit navigates these challenges, the exchange’s actions serve as a reminder of the importance of security and transparency in the rapidly evolving world of cryptocurrency. As the market continues to mature, users are urged to stay informed and vigilant in their trading activities.