South Korean Court Greenlights Removal of FLOW from Upbit, Bithumb, and Coinone

• Court Rejects FLOW’s Emergency Injunction
• Why Did the Court Side with the Exchanges?
• South Korea’s Market Impact on FLOW
• What’s Next for the Flow Foundation?
• FAQs

In a landmark decision, a Seoul court has upheld the delisting of Flow from South Korea’s top cryptocurrency exchanges—Upbit, Bithumb, and Coinone—dealing a significant blow to the Flow Foundation. The ruling, issued on March 13, 2026, dismissed the foundation’s emergency injunction, clearing the path for the token’s removal. FLOW’s price has since plummeted by 50%, reflecting the market’s reaction to the loss of a major trading hub. Here’s a deep dive into the implications, the court’s reasoning, and what’s next for FLOW.

Court Rejects FLOW’s Emergency Injunction

The 50th Civil Division of Seoul Central District Court, led by Judge Lee Sang-hoon, ruled that the Flow Foundation and Dapper Labs failed to provide sufficient evidence to halt the delisting. The court emphasized that the exchanges’ decision to flag FLOW for "cautionary designation" was within their rights, and without a full hearing, it couldn’t conclude that the concerns were resolved. Trading support for FLOW ended at 3 PM KST on March 16, 2026, across Upbit, Bithumb, and Coinone.

Why Did the Court Side with the Exchanges?

The court cited three key reasons: (1) No proven transactional agreement between FLOW and the exchanges, (2) inability to question the exchanges’ judgment on the cautionary designation, and (3) lack of proof that suspending the delisting was necessary. The judges also noted that FLOW remains tradable on other global platforms, and relisting is possible if the issues are resolved. This mirrors a 2022 case involving WEMIX, where courts upheld exchanges’ autonomy in listing decisions.

South Korea’s Market Impact on FLOW

Losing access to Upbit—which handles ~70% of South Korea’s crypto volume—is a gut punch. FLOW’s trading volume and price had surged 50% ahead of the injunction hearing, peaking at $0.074 on March 10, only to crash to $0.037 post-ruling. The token’s value is now a fraction of its pre-delisting announcement price of $0.17. Notably, FLOW still trades on Korbit, which relisted it in February 2026, offering a sliver of hope.

What’s Next for the Flow Foundation?

The foundation isn’t backing down. It’s pursuing relisting by addressing the exchanges’ concerns and expanding partnerships in Asia-Pacific markets. FLOW remains listed on major global platforms like Coinbase, Binance, and Kraken, but regaining a foothold in South Korea—where it once thrived—will be an uphill battle. The team has pledged to stay in the region, hinting at a Korbit-centric strategy.

FAQs

Why was FLOW delisted?

The exchanges cited unresolved issues under their "cautionary designation" criteria, though specifics weren’t disclosed. The court upheld their right to enforce listing standards.

Can FLOW be relisted?

Yes, if the Flow Foundation resolves the exchanges’ concerns. Korbit’s relisting in February 2026 shows it’s possible.

How has the delisting affected FLOW’s price?

FLOW dropped 50% post-ruling, from $0.074 to $0.037, reflecting the loss of South Korea’s liquidity.