South Korea’s three largest cryptocurrency exchanges — Upbit, Bithumb, and Coinone — have jointly announced the delisting of Drift (DRIFT). The token will be removed from all trading pairs at 6:00 a.m. UTC on June 1, 2025. This coordinated action marks a significant regulatory and market event for the Drift protocol and its holders.
Why Upbit, Bithumb, and Coinone Are Delisting DRIFT
Exchanges regularly review listed assets for compliance, liquidity, and security. Upbit, Bithumb, and Coinone follow strict internal guidelines aligned with South Korea’s Financial Services Commission (FSC) regulations. The delisting of DRIFT likely stems from one or more of the following criteria:
- Low trading volume — sustained inactivity on the token’s order books.
- Project transparency issues — lack of regular updates or incomplete disclosures.
- Smart contract or security concerns — potential vulnerabilities or audit failures.
- Regulatory non-compliance — failure to meet South Korea’s Virtual Asset User Protection Act standards.
Each exchange issued separate notices on their official websites. All three confirm the same delisting date and time. This synchronization suggests a coordinated review or a shared regulatory trigger.
Timeline of the DRIFT Delisting Process
The exchanges provided a clear timeline for users:
- May 25, 2025 — Delisting announcement published on each exchange’s notice board.
- June 1, 2025, 6:00 a.m. UTC — All DRIFT trading pairs suspended.
- After delisting — Withdrawal support may continue for a limited period (typically 30 days).
Traders must close or transfer positions before the deadline. Failure to act may result in forced liquidation or loss of access to funds.
Market Impact of the DRIFT Delisting
Delisting from major Korean exchanges often triggers a sharp price decline. Drift (DRIFT) is a decentralized finance (DeFi) token built on the Solana blockchain. It powers a perpetual futures exchange with an automated market maker (AMM) model. The loss of liquidity from Upbit, Bithumb, and Coinone removes a significant portion of its accessible trading volume.
According to CoinMarketCap data, South Korean exchanges accounted for approximately 15% of DRIFT’s global trading volume before the announcement. This delisting will force that volume to migrate to smaller international platforms or decentralized exchanges (DEXs).
Historical examples show similar delistings can reduce a token’s price by 30% to 60% within days. The exact impact depends on the project’s fundamentals and community support.
What This Means for Drift Protocol
The Drift protocol itself continues to operate independently. The delisting affects only the token’s availability on centralized Korean exchanges. Users can still trade DRIFT on other global exchanges such as Binance, KuCoin, or through Solana-based DEXs like Jupiter or Raydium.
However, the loss of Korean exchange listings reduces the token’s credibility in a key Asian market. South Korea’s crypto community is highly active and often sets price trends for altcoins. A delisting here can signal deeper concerns to international investors.
Expert Perspective on Exchange Delistings
Blockchain analyst Kim Min-jae from Seoul National University’s Digital Finance Lab explains: “Korean exchanges prioritize investor protection. When three major platforms delist simultaneously, it usually indicates a compliance failure rather than a simple business decision. Traders should view this as a red flag.”
This view aligns with the FSC’s 2024 guidelines that require exchanges to conduct quarterly reviews of all listed assets. Tokens failing to meet updated criteria face immediate removal.
How Traders Should Prepare
If you hold DRIFT on Upbit, Bithumb, or Coinone, take these steps before June 1:
- Sell your DRIFT holdings — Close all open orders and withdraw funds.
- Transfer to a private wallet — Move tokens to a non-custodial wallet like Phantom or Solflare.
- Monitor withdrawal deadlines — Each exchange sets its own cutoff for token withdrawals after delisting.
- Check other exchange listings — Confirm DRIFT availability on alternative platforms.
Do not leave tokens on the exchange after the delisting date. Unclaimed assets may be converted to fiat or frozen per exchange policy.
Regulatory Context in South Korea
South Korea’s Virtual Asset User Protection Act took full effect in July 2024. It mandates strict listing and delisting standards for all registered exchanges. The FSC requires exchanges to assess each token’s:
- Issuer transparency and disclosure history
- Smart contract security and audit reports
- Trading volume and market manipulation risks
- Compliance with anti-money laundering (AML) rules
Upbit, Bithumb, and Coinone all hold Virtual Asset Service Provider (VASP) licenses. They must report delisting decisions to the FSC within 24 hours. Failure to comply can result in fines or license suspension.
Comparison with Previous Delistings in Korea
This is not the first time Korean exchanges have coordinated a delisting. In 2024, they jointly removed several tokens including $WAVES, OMG, and SRM. In each case, the tokens lost over 50% of their value within a week.
These patterns suggest DRIFT holders should prepare for significant downside volatility in the coming days.
Conclusion
The coordinated delisting of Drift (DRIFT) by Upbit, Bithumb, and Coinone on June 1, 2025, represents a major regulatory and market event. South Korea’s strict compliance standards drive this action. Traders must act quickly to close positions or withdraw tokens. The Drift protocol remains operational, but its token faces reduced liquidity and credibility in a key Asian market. This event underscores the importance of regulatory risk in cryptocurrency investing.
FAQs
Q1: Why are Upbit, Bithumb, and Coinone delisting DRIFT?
A1: The exchanges cite compliance with South Korea’s Virtual Asset User Protection Act. Specific reasons may include low trading volume, security concerns, or insufficient project disclosures.
Q2: When exactly will DRIFT be delisted?
A2: All three exchanges will suspend DRIFT trading at 6:00 a.m. UTC on June 1, 2025. Withdrawal support may continue for a limited period afterward.
Q3: Can I still trade DRIFT after the delisting?
A3: Yes, DRIFT remains tradable on other global exchanges like Binance and KuCoin, as well as decentralized exchanges on Solana such as Jupiter and Raydium.
Q4: What happens to my DRIFT if I don’t sell before the deadline?
A4: Your tokens will be frozen on the exchange. You may still withdraw them within the grace period, but you cannot trade. Unclaimed assets may be converted to fiat or liquidated per exchange policy.
Q5: Will the Drift protocol shut down?
A5: No. The delisting only affects the token’s availability on these three Korean exchanges. The Drift protocol and its perpetual futures exchange continue to operate independently.
