Delisting
End of trading support · Delist
When an exchange ends trading support for a coin: after the end date it can no longer be traded there and can only be withdrawn for a limited time.
Simple explanation
Background: Korean exchange notices call this 거래지원 종료, "end of trading support", while investors borrow the stock-market word 상장폐지 (delisting), or 상폐 for short. Each exchange decides for itself, so a coin delisted on one Korean exchange may keep trading on another.
It works much like a stock delisting, but the coin itself does not vanish: you can still hold it on another exchange that supports it or in a personal wallet.
Common reasons: the project hid important information or disclosed it falsely, far more tokens reached the market than its supply plan said, a hack or other security incident, legal or regulatory problems, the project shutting down, or market cap and trading volume falling below the exchange's standards. Korea's won-market exchanges each judge these against listing standards they drew up together through their alliance, DAXA.
A coin is usually not delisted overnight. First it is put under an investment warning (유의 종목). After a review period in which the project can explain itself, the exchange lifts the warning, extends the review or decides to delist. In urgent cases, such as a hack or a project shutting down, this can happen very fast.
Once delisting is decided, the notice gives the end date and time. Until then the coin can still be traded, though deposits are usually already closed. After that moment all buying and selling stops on that exchange, and withdrawals stay open only for the period the notice states: often about a month in recent cases, but it differs by exchange and coin, so read the notice.
Once the withdrawal window closes, you may no longer be able to take the coin out. So when a delisting notice appears, decide within the time left whether to sell or to move the coin to another exchange that supports it or to your own wallet. Before moving it, check that the receiving side supports the same network, whether the Travel Rule applies and what the withdrawal fee is.
Prices often crash on a delisting notice. But if deposits are closed while trading goes on, nobody can bring coins in from abroad to sell, so the Korean price can spike on its own. The kimchi premium can then look absurdly large with no arbitrage to close it, and such spikes often collapse within a short time.
Several exchanges can put the same coin under a warning together and still reach different verdicts: one may delist it while another lifts the warning. An exchange may also end support in one market only, for example dropping a coin from its KRW market while it keeps trading in the BTC market, so check which market the notice covers.
Example
Delisting decision notice day: Korean price ₩1,000 → ₩550 (-45.00%)
From the notice to the end date (e.g. 14 days): still tradable → selling 1,000 coins at ₩550 brings ₩550,000
End date, 3 p.m.: trading support ends → all buy and sell orders stop
From the end date to the withdrawal deadline (e.g. 30 days): withdrawals only → pay a withdrawal fee of 20 coins, send the other 980 to an overseas exchange that trades the coin and sell at $0.40 (₩560 at ₩1,400) → about ₩548,800
After the withdrawal deadline: withdrawals may be closed → coins left on the exchange may become impossible to sell or move
※ Example numbers, for illustration only
See it on CoinGaja
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