Upbit, Bithumb place SOPH on delisting watchlist

South Korean exchanges Upbit and Bithumb announced they have placed SOPH on a delisting watchlist. The exchanges said the designation followed a review under best-practice guidelines for virtual asset trading support and reflected multiple shortcomings, including a failure to disclose material information in a timely manner through appropriate electronic channels, issues surrounding whether and to what extent key matters were disclosed, changes to the token’s circulation plan and the scale of those changes, whether procedures existed for making such changes, and whether those procedures were transparent and reasonable. The exchanges added they had confirmed a risk of user harm.