South Korean exchanges Upbit and Bithumb have suspended deposits for Synthetix (SNX) tokens

By Cointelegraph Updated April 22, 2025 at 1:13 a.m. PDT. South Korean exchanges Upbit and Bithumb have suspended deposits for Synthetix (SNX) tokens

Digital Asset Exchange Alliance (DAXA), the self-regulatory organization setting industry standards for South Korean exchanges, has designated Synthetix (SNX) as a cautionary item.

According to a recent report by Blockamps, the organization's role is to evaluate any issues that may arise with crypto assets listed on exchanges in South Korea and to suggest appropriate actions to mitigate these concerns.

Its members include major exchanges, such as Bithumb, Upbit, Coinone and Korbit. Together, they aim to establish and maintain high standards in the cryptocurrency industry within the country.

After an asset is assigned this status, the exchanges must decide whether to delist the token or continue supporting its trading.

In most cases, the exchanges will add a warning tag to the asset and perform some action, such as blocking deposits or suspending trading support for the token.

Recently, Upbit and Bithumb announced that they are blocking deposits for SNX tokens.

Upbit adds trading caution ticker, suspends SNX deposits

In a recent notice to users, Upbit announced that it had completed adding a trading caution ticker and suspended token deposits for SNX.

The exchange said it had been closely monitoring the recent developments concerning the Synthetix USD (sUSD) depegging.

This event may damage investors from potential volatility, as SNX is used as collateral for sUSD to maintain its dollar peg.

Additionally, the exchange stated that it had determined a lack of use cases for the asset, which may cause investors to suffer losses.

Therefore, Upbit said it would be performing a comprehensive review to decide whether to delist the asset or resume normal operations for the token.

It also urged investors to be aware of the risks involved in trading SNX.

Bithumb blocks SNX deposits, adds cautionary tag

Bithumb has also blocked deposits for SNX and added a cautionary tag for the tokens. However, the exchange said this decision could be overturned depending on internal circumstances.

In a notice to users, Bithumb said it would be applying a trading caution tag to SNX and blocking deposits for the token. Still, it would continue supporting withdrawals and existing trades for the asset.

However, Bithumb said this decision could be internalized depending on internal circumstances.

If the reason for the designation is resolved, Bithumb said it would lift the restrictions on the token and notify its users.

Korbit and Coinone also published investor alerts to traders about the asset. The two exchanges also added cautionary tags to SNX tokens to alert investors who may want to trade the tokens.

email to Synthetix for comment.