Cryptocurrency exchange Upbit has officially placed the SPURS token on its transaction warning list, a move that signals heightened risk to traders and could precede a full delisting from the platform. The exchange cited the need to protect investors from assets with high volatility and risk.
"The SPURS token has been designated as a warning item for investors," an Upbit spokesperson said in a statement. "We urge users to be aware of the risks associated with this token."
The designation as a warning item is a significant step that often leads to decreased liquidity and a sharp decline in the token's value. Upbit's 24-hour trading volume was approximately $1.5 billion at the time of the announcement, according to CoinGecko. The exchange has over 8 million users, primarily in South Korea.
The addition of SPURS to the warning list could trigger a sell-off as traders move to mitigate their risk. A full delisting would further reduce the token's market access and could lead to a collapse in its price. This action by Upbit could also prompt other exchanges to review their listings of the SPURS token.
This article is for informational purposes only and does not constitute investment advice.
