Upbit and Bithumb suspend Synthetix token deposits citing sUSD risks

South Korean exchanges Upbit and Bithumb have suspended deposits for Synthetix (SNX) tokens after it was flagged by the Digital Asset Exchange Alliance (DAXA) for potential risks.

DAXA, the self-regulatory organization establishing industry standards for South Korean exchanges, designated SNX as a cautionary item. 

Assets receiving this designation typically undergo rigorous evaluations to determine whether trading can continue or if delisting becomes necessary.

Exchanges may take action, such as adding a warning tag to the asset and urging investors to take caution when engaging with the asset. Trading platforms can also perform additional measures, like blocking deposits or suspending trading support temporarily.