Upbit Flags Sophon Over Disclosure Concerns, Binance Cuts USDC Pairs

South Korea's largest cryptocurrency exchange Upbit has placed Sophon under a trading-caution designation due to 'numerous deficiencies' in the project's disclosure practices and token circulation planning.

The move affects SOPH trading pairs against the Korean won, Bitcoin, and Tether, while deposits have been suspended until further notice.

Upbit will evaluate whether Sophon has addressed the concerns during a review period extending through October 12-16. The exchange may lift the warning, extend the review, or terminate trading support entirely.