delisting

The cryptocurrency exchange BitMEX accelerated the delisting of 65 derivative contracts and spot trading pairs in July, far exceeding the 19 that were delisted in the first six months of this year. The platform attributed the delisting to "insufficient trading interest" and stated that this move is related to its decision to close the exchange. Previously, BitMEX announced that it would officially cease operations on September 23, but did not disclose the specific reason for the closure.Restructuring advisor Roshan Dharia stated that the shutdown of BitMEX reflects the structural pressures faced by mid-sized centralized exchanges: liquidity continues to concentrate on leading platforms, while compliance costs are continuously rising. Earlier, the on-chain analysis platform Bubblemaps revealed that 75% of the total supply of BitMEX tokens BMEX (originally intended for employee incentives, ecosystem growth, and long-term reserves) was never allocated as planned, with the only claim occurring in November 2022. After the shutdown announcement, the price of BMEX dropped by approximately 95%.

According to a report by businesswire, BNB Plus Corp. has received a delisting determination from the Nasdaq hearing panel due to its stock price being below the minimum bid requirement of $1 for an extended period.The company's stock BNBX will be suspended from trading on Nasdaq starting July 14 and will be transferred to the OTCQB venture market on the same day, with the code remaining unchanged. The company stated that it has applied for a review by the Nasdaq Listing and Hearing Review Council, but the delisting determination will not be suspended during the review period.

According to the Korea Exchange (KRX) announcement on July 2, to further improve the KOSDAQ market system, KRX has officially revised the relevant listing rules and implementation details, aiming to strictly control the deviation of technology special listing companies from their main business.The new regulations clearly state that companies listed through technology exceptions that change their main business direction within 5 years after listing (excluding businesses similar to or subsidiary to the original main business) will be subject to substantial delisting review. KRX officials specifically cited an example where a related biotechnology company transferred its management rights to an overseas digital asset company after listing last year and illegally transformed into a "cryptocurrency vault" and other digital asset professional investment institutions. KRX emphasized that such behavior has caused the company to deviate from the technical and growth assessment basis approved at the time of listing, and therefore must undergo strict delisting review.In addition, the new regulations have added additional restrictions to the grace period for delisting conditions enjoyed by special listing companies (i.e., exemption from revenue insufficiency or large-scale losses within 3 to 5 years), requiring relevant companies to publicly disclose their "corporate value enhancement plans" during this period to ensure future growth and strengthen communication with investors. This revision of regulations also includes measures to optimize the capital market, such as expanding customized qualitative review standards for innovative companies and establishing a low PBR (price-to-book ratio) company disclosure system.

According to the Chosun Ilbo, the revised listing regulations for increasing the retention threshold in the South Korean stock market will be implemented on July 1. Some KOSDAQ DAT (Digital Asset Treasury) listed companies that have profited from investing in crypto assets are facing delisting risks.Data from the Korea Exchange shows that on June 26, Bitmax fell 6.3% to 1,228 KRW, with a market capitalization of 13.1 billion KRW, below the lower limit of 20 billion KRW for the second half of the year; Parataxis Ethereum has a market capitalization of 26.8 billion KRW, and BitPlanet has a market capitalization of 33.1 billion KRW. However, Parataxis Ethereum has not met the adjusted standard of 30 billion KRW set for January next year, and Parataxis Korea has been transferred for substantial review of its listing qualifications and suspended since April due to capital erosion.The delisting crisis is mainly influenced by the weakness of crypto assets and the outflow of funds from KOSDAQ. If the trend of declining market capitalization continues, related DAT companies may gradually enter the delisting process starting from early next year, beginning with Bitmax.

BNB Treasury Company BNB Plus disclosed that it has received a notice from Nasdaq, stating that it no longer meets the continued listing standards due to its stock price being below the minimum requirement of $1, and because it implemented a reverse stock split in the past year, it is not eligible for the regular compliance period. The company stated that it has requested a hearing, and its stock will continue to trade on Nasdaq until the outcome is determined.In addition, BNB Plus announced that the board of directors has approved the initiation of a strategic alternatives assessment to maximize shareholder value, with potential options including mergers, reverse mergers, asset sales, joint ventures, financing, and other transactions. As of now, the value of its crypto treasury assets is approximately $12.2 million.

The head of the Spark Protocol strategy, monetsupply.eth, posted on platform X stating that in January of this year, low-usage assets like rsETH were removed and collateral and functionality were continuously tightened. This move sparked strong dissatisfaction among "ETH leveraged" users at the time.Additionally, Spark has long set a high upper limit on interest rates in the ETH lending market, transferring some business and revenue to Aave over the past year (where its ETH borrowing rate once dropped to 10% or below). However, in the current market crisis environment, this strategy has proven to be more prudent. Currently, SparkLend still maintains sufficient ETH withdrawal liquidity, while Aave has experienced liquidity tightness and even "lock-up" situations in the Ethereum mainnet and multi-chain markets like Arbitrum and Base.monetsupply.eth further warned that since ETH is the core collateral asset, when market utilization reaches 100%, collateral liquidation will not be able to execute normally. The depletion of liquidity not only affects the depositor experience but may also pose systemic risks. In the current situation of insufficient liquidity in Aave, a 15%-20% drop in ETH prices could lead to significant bad debt accumulation (in addition to the potential impact of the rsETH incident).

According to market news, the Seoul Central District Court in South Korea rejected the temporary injunction application filed by the Flow Foundation and Dapper Labs against Upbit, Bithumb, and Coinone, which aimed to suspend the decision of the three exchanges to terminate support for FLOW trading.Previously, these three exchanges decided to terminate trading support for the Flow token due to the FLOW hacking incident that occurred in February. The court found that there was currently insufficient evidence to suspend the delisting decision, and the exchanges' judgment regarding unresolved risks was not obviously erroneous, emphasizing the need to protect potential investors. FLOW can still be traded on the South Korean crypto exchange Korbit, but it was delisted as scheduled by Upbit, Bithumb, and Coinone at 3 PM local time.

Nasdaq has once again issued a delisting notice to K-Pop media company K Wave Media, which has adopted a Bitcoin treasury strategy. This time, the notice is due to the company's market capitalization not meeting Nasdaq's minimum value (MVLS) requirement. Nasdaq requires that the company's market capitalization must reach or exceed $50 million for 10 consecutive trading days before June 2026, or it will not be able to continue listing on the Nasdaq Global Market.Previously, K Wave Media received a $1 billion capital boost to promote its Bitcoin treasury strategy. This year, due to its stock price being below $1 for 30 consecutive trading days, Nasdaq issued a delisting notice, requiring the company to raise its stock price above $1 and maintain it for 10 consecutive trading days before July 6, 2026, to avoid delisting.

According to Globenewswire, Nasdaq has issued a notice to the Bitcoin treasury listed company ZOOZ Strategy, warning that the company has not met the requirement to maintain a minimum bid price of $1.00 per share. If its common stock closing price does not comply with the requirement of reaching or exceeding $1.00 for at least 10 consecutive trading days by June 15, 2026, it may face delisting.It is reported that ZOOZ has held Bitcoin as a strategic asset, currently holding a total of 1,036 coins.

According to CoinDesk, healthcare and Bitcoin treasury company KindlyMD (NAKA) is facing the risk of delisting from the Nasdaq exchange due to its stock price being below $1 for 30 consecutive trading days.According to a filing the company made with the U.S. Securities and Exchange Commission on December 12, KindlyMD must raise its stock price above $1 and maintain it for 10 consecutive trading days before June 8, 2026, to avoid delisting. The stock first fell below $1 in late October, closing at $0.38 on Monday.According to data from BitcoinTreasuries.net, KindlyMD holds 5,398 Bitcoins (worth approximately $466 million), making it the 19th largest corporate Bitcoin holder in the world. The company was acquired by Nakomoto through a reverse merger in August. Since the stock hit an all-time high when the transaction was announced in May, it has plummeted by 99%.

ChainCatcher message, previously Binance announced the delisting of ALPHAUSDT perpetual contract, ALPHA briefly surged by 70%, current price is $0.026.

ChainCatcher news, according to Protos, Bitcoin Satoshi Vision (BSV) holders have appealed their $12 billion claim against several major cryptocurrency exchanges, including Binance and Kraken, to the UK Supreme Court.BSV holders claim that these exchanges conspired to delist BSV in 2019, leading to a price drop and missing out on price appreciation opportunities similar to Bitcoin (BTC).Previously, the case was submitted to the Competition Appeal Tribunal in 2024 but was dismissed. Subsequently, BSV holders appealed to the UK Court of Appeal, which also failed. This time, BSV Claims Limited is applying for permission to appeal to the Supreme Court on behalf of BSV holders.

ChainCatcher news, according to TheBlock, Bitcoin mining company Argo Blockchain (ARBK) has received a delisting notice from Nasdaq due to its stock price remaining below $1.The company was granted a 180-day "compliance period" to raise its stock price but failed to meet the requirement of being above $1 for 30 consecutive days, triggering the delisting warning. Currently, ARBK's stock price is $0.31, down about 4% since the announcement.

ChainCatcher news, according to Cryptopolitan, federal chartered crypto bank Anchorage Digital announced it will delist several stablecoins, including the widely used USDC, sparking criticism within the industry. Anchorage released a "Stablecoin Safety Matrix" that assesses the regulatory oversight and reserve quality of digital dollar tokens. USDC, Agora USD (AUSD), and Usual USD (USD0) failed to meet the company's internal standards and will be gradually phased out.Anchorage urged its institutional clients to switch to Global Dollar (USDG), a competing stablecoin issued by Paxos, supported by an alliance of which Anchorage is a founding member.

According to ChainCatcher news, as shown by Binance market data, possibly affected by Binance's delisting, LTO and KMD dropped by about 40%, while ALPHA, BSW, and LEVER saw varying degrees of increase. Among them:LTO Network (LTO) dropped by 37.28%, currently priced at $0.0176;Komodo (KMD) dropped by 43.01%, currently priced at $0.0484;Stella (ALPHA) briefly increased by 30.5%, currently priced at $0.0218;Biswap (BSW) briefly increased by 37.77%, currently priced at $0.0284;LeverFi (LEVER) briefly increased by 9.4%, currently priced at $0.000425.