$FIDA

Bithumb, a major South Korean exchange, officially announced the delisting of Bonfida (FIDA) on February 23, 2025, at 6:00 a.m. UTC, after the project failed to submit required explanatory documents following an investment warning classification.

Deposits will be suspended on February 20, followed by the termination of trading and withdrawals on the delisting date, as part of a structured process to reduce user disruption.

This decision comes amid stricter regulatory oversight in South Korea, led by authorities such as the Financial Services Commission, requiring projects to meet high standards of transparency and legal compliance. Exchanges now conduct regular audits covering technical development, financial transparency, and regulatory adherence.

Bonfida’s lack of response to these requirements resulted in its removal as a precautionary measure to protect investors.

The announcement triggered an immediate drop in price and liquidity.

Losing access to the South Korean market is a significant setback for the project and highlights the importance of regulatory communication and transparency for crypto projects.