Upbit and Bithumb Delist Fan Token SPURS and Others Amid Tighter Listing Reviews

South Korea's two largest cryptocurrency exchanges, Upbit and Bithumb, have simultaneously issued delisting notices for multiple tokens, including the Tottenham Hotspur Fan Token (SPURS), as part of tightened ongoing project reviews.

Bithumb removed five assets: GRACY, SPURS, ZTX, WIKEN, and Step App (FITFI). Upbit specifically delisted the SPURS/BTC trading pair. Both exchanges stated the decisions came from routine evaluations of project performance and compliance, though they did not provide granular reasons for each token's removal.

The delistings come amid a broader crackdown in South Korea, where regulators have pushed for stricter listing standards following the Terra ecosystem collapse. Upbit and Bithumb, which dominate domestic trading volume, have developed internal review processes that scrutinize developer activity, liquidity, and regulatory compliance. A shortfall in any of these areas can trigger a delisting recommendation.

Fan tokens like SPURS, once promoted as tools for fan engagement, have seen trading volumes shrink and utility questioned. The removal adds to credibility issues for the sector, with many fan tokens having lost 80–90% from their peak valuations. Bithumb's wider net also included metaverse (ZTX), fitness (FITFI), and governance (WIKEN, GRACY) projects, signaling that the reviews are comprehensive.

The delistings occur against a mixed altcoin market. While some tokens have posted sharp gains this week—such as TON surging over 80%—the delisted assets now face sudden liquidity crunches. Holders on Upbit and Bithumb must exit positions or move tokens elsewhere before trading ends. It remains uncertain whether international exchanges will follow suit, though the tokens may find refuge on decentralized or smaller centralized venues, albeit with reduced volumes.

For project teams, the message is clear: maintaining a listing on a top Korean exchange requires continuous development and compliance. For retail investors, the actions serve as a reminder that exchange listings are not permanent and that fundamental project health matters. As Korean exchanges refine their review cycles, the pace of delistings could accelerate, setting a benchmark for other jurisdictions.