Key Insights:
- Crypto reports detail Upbit’s scheduled October 19 delisting of the ICX/KRW trading pair due to unresolved security risks.
- Upbit will cancel active ICX/KRW orders upon delisting and continue facilitating token withdrawals until November 18.
- Following its debut on Upbit, JPYC surged 197.5% to reach 35.7 won before correcting back down to approximately eight won.
Recent cryptocurrency developments from South Korea highlight Upbit’s choice to terminate ICX/KRW trading support after security issues remained unaddressed.
Trading will cease at 3:00 p.m. Korea Standard Time on October 19, 2026. At that moment, the platform will void any outstanding orders and maintain support for ICX withdrawals through November 18.
According to Upbit, ICON carries ongoing security incident risks that have not been resolved or met with adequate corrective steps. These worries persisted even after the platform initially labeled ICX as an investment caution asset.
Crypto News Centers on ICX Security Concerns
Upbit stated that the underlying factors for its caution designation went unresolved, leading to the scheduling of the ICX/KRW trading pair’s removal. Security apprehensions form the primary justification for eliminating this market.
Holders of ICX will lose trading access before withdrawal services expire. Any orders remaining open when the October 19 cutoff arrives will undergo automatic cancellation. Nevertheless, investors can keep withdrawing their tokens until the November 18 deadline passes.
Upbit News: Earlier Token Removals Cited Separate Shortcomings
This announcement follows an earlier update regarding trading pairs for JASMY, Storj, and ThunderCore. For JASMY and STORJ, Upbit pointed to problems concerning disclosures, business fundamentals, viability, and proof of progress.
The platform noted that these challenges prompted the end of support due to the potential threat of user harm.
Regarding ThunderCore, the exchange highlighted worries regarding total token issuance, distribution schedules, and business plan alterations. It also pointed out deficiencies in transparency and procedural integrity, which accompanied the termination of TT markets alongside STORJ and JASMY.
The impacted trading pairs included STORJ/KRW, STORJ/BTC, JASMY/BTC, JASMY/USDT, TT/KRW, and TT/BTC. Upbit confirmed it would void all open orders when trading ceased, while allowing asset withdrawals up until October 14.
In addition to halting markets, the exchange imposed limits on auxiliary services for tokens marked for removal. It stated that it would decline support for airdrops, wallet upgrades, or hard forks tied to those digital assets as part of the prior delisting directives.
Crypto News: JPYC Listing Recorded a Strong Rise and Decline
In a separate update regarding the South Korean market, reports on Upbit’s listing of JPYC detailed sharp price fluctuations right after trading commenced. The yen-pegged stablecoin launched at 6:00 p.m. and climbed to 35.7 won within 40 minutes, reflecting a 197.5% surge over its opening price before retreating to the eight-won bracket.
Each JPYC is redeemable for one Japanese yen, valued in the reports at approximately 8.8 won. Buy orders totaling nearly 120 billion won flooded in immediately following the debut. At that time, Upbit handled roughly 90% of the entire JPYC trading volume.
Initially, deposits and withdrawals remained closed, keeping external token holders from transferring assets onto Upbit to liquidate them. The exchange enabled both services at 6:50 p.m., about 50 minutes after trading began. Until then, activity depended strictly on funds and tokens already stored internally on the platform.
The report additionally referenced social media posts on X detailing activities by Japanese JPYC holders, who exchanged JPYC for Circle’s USDC via Uniswap and claimed to double their capital. Uniswap functions as a decentralized protocol allowing direct token swaps using connected cryptocurrency wallets.
FAQ
When will Upbit delist the ICX/KRW trading pair?
Upbit will terminate trading support for ICX/KRW at 3:00 p.m. Korea Standard Time on October 19, 2026.
Until when can users withdraw ICX tokens from Upbit?
Users can continue withdrawing ICX tokens from the platform until November 18, 2026.
Why is Upbit removing ICX/KRW?
Upbit is delisting the token because ICON faces unresolved security incident risks and lacks sufficient corrective measures.
What happened to the JPYC price after its Upbit listing?
JPYC surged 197.5% to hit 35.7 won within 40 minutes of trading before dropping back down to the eight-won range.
Arnold Kirimi 
