Upbit to delist Blur on Nov. 30, with withdrawals open through Dec. 30

Upbit will end trading of Blur (BLUR) on its Korean won and bitcoin markets on Nov. 30. In a notice posted Oct. 30 at 4 p.m. KST, the South Korean exchange said it had concluded that the reasons for designating BLUR as an investment caution asset had not been resolved, and decided to end trading support. The decision came 17 days after Blur said it would shut down blur.io, its NFT marketplace website.

Open orders will be canceled at 3 p.m. on Nov. 30

The delisting covers the BLUR/KRW and BLUR/BTC pairs. Trading will stop at 3 p.m. KST on Monday, Nov. 30, and all buy and sell orders still unfilled at that time will be canceled at once. Withdrawals to personal wallets or other exchanges will remain available for 30 days after trading ends, through Dec. 30.

Deposits are already closed. Upbit stopped accepting BLUR deposits at 3 p.m. KST on Oct. 13, when it designated the token as a caution asset, and said in the latest notice that it will not support airdrops, wallet upgrades or hard forks for BLUR now that its delisting has been set. Upbit warned that BLUR sent to the exchange after the delisting will not be credited, and that recovering mistaken transfers after the withdrawal window closes could take a very long time.

Same reason as the caution designation: business substance and sustainability

Upbit gave the same reason it cited when it issued the caution designation. Reviewing Blur under the industry's best practices for crypto listings, the exchange said it found shortcomings in the project's business substance and sustainability and that the token could cause harm to users. When it designated BLUR on Oct. 13, Upbit set the review period to run through the last week of October (Oct. 26-30), and it announced the delisting on Oct. 30, the final day of that window.

The trigger was Blur's own announcement. In the early hours of Oct. 13 KST, Blur said on its official X account that it would close blur.io, the website where users buy and sell NFTs, on Nov. 12, and that Blend, its NFT-backed lending service, would stop matching new loans the same day. The underlying smart contracts that process trades on Ethereum will remain operational, but the interface users rely on will disappear. Upbit designated BLUR as a caution asset 10 hours after the announcement.

Second token from the same team after Blast

The team behind Blur also founded Blast, an Ethereum layer-2 network. After Blast said on Oct. 2 that it would wind down the chain, Upbit designated Blast (BLAST) as a caution asset the next day and decided to delist it on Oct. 14. The stated reason was the same as for BLUR: shortcomings in "business substance and sustainability."

BLUR is the fourth token Upbit has decided to delist this month. After Blast (decided Oct. 14), the exchange announced the delisting of Sophon (SOPH) on Oct. 15 and Zilliqa (ZIL) on Oct. 16; trading in both ends at 3 p.m. KST on Nov. 16. Upbit cited issues with Sophon's material disclosures and changes to its circulating supply plan, and an unexplained security incident in Zilliqa's case.

About 10% above overseas prices at 12 won on Upbit

In the hour starting at 4 p.m. KST on Oct. 30, when the notice was posted, BLUR fell from 12.1 won to 11.4 won on Upbit before ending the hour at 11.6 won. Trading value in that hour was about 730 million won, roughly 16 times the previous hour (about 46 million won). Over the same hour on Binance spot, BLUR slid 10% from $0.00800 to $0.00718 before closing at $0.00778.

BLUR opened at 26 won on Upbit on the morning of Oct. 12, before the blur.io shutdown announcement. At 5:30 p.m. KST on Oct. 31 it traded at 12.0 won, less than half that level. Its one-year high was 81.6 won, set on Nov. 2, 2025.

At the same time, the Upbit price was about 10.7% above the Binance price ($0.00812) converted into won (about 10.84 won at a dollar-won rate of 1,334.5) — a so-called kimchi premium, the gap between prices on Korean exchanges and global markets. BLUR traded at 11.58 won on Bithumb and 11.5 won on Coinone. The funding rate on Binance BLUR futures fell as low as -1.43% at the 5 a.m. KST settlement on Oct. 31 and stood at -0.24% at the 5 p.m. settlement. A negative funding rate means short positions betting on a decline pay longs.