Bitbank to Delist Enjin Coin (ENJ) on October 16 Over Persistent Price Divergence

Bitbank Sets October 16 Delisting Date

Japanese crypto exchange bitbank will remove Enjin Coin (ENJ) from its listings on October 16, the exchange's official announcement confirmed on September 14. The move ends trading in an altcoin whose market has effectively split in two: the ENJ circulating on Ethereum, a major Layer 1 blockchain, and the ENJ issued on the Enjin Relay Chain, a network operated directly by the Enjin project, have traded at persistently different prices. Bitbank cited this sustained divergence as the reason it can no longer ensure fair price formation or maintain a stable trading service for the token.

The root of the split is structural. No official cross-chain bridge exists to move ENJ between the two networks, so holders cannot arbitrage the gap away by transferring tokens to whichever market prices them higher. The exchange had flagged the problem more than a year earlier: on August 13, 2025, it warned customers that the ENJ it listed was trading roughly 20% away from the levels seen on other venues, noting that the absence of a bridge made liquidity for its Ethereum-based ENJ structurally thin. The delisting decision therefore closes a dysfunction that had persisted for well over twelve months rather than reacting to a fresh shock.

Margin Haircut Hits September 30

The wind-down follows a precise schedule set out in the exchange's notice. On September 30 at 10:00 a.m., the collateral valuation rate applied to ENJ used as substitute margin in margin trading drops from 50% to 0%. Depending on each account's collateral position, that change can trigger additional margin calls, forced settlement of open positions, or disposal of substitute assets, and bitbank is urging affected traders to close positions or post extra collateral in advance. On October 16 at 10:00 a.m., new orders are halted, unfilled orders are force-cancelled, recurring purchase plans on the sales desk are cancelled, and both deposits and withdrawals of ENJ stop. Withdrawals are ERC-20 only, meaning they must ride the Ethereum network, and the exchange cautions that concentrated withdrawal requests may take longer than usual to process.

For holders who do not withdraw in time, the exchange will convert remaining ENJ balances into Japanese yen at market price and credit the proceeds to customer accounts, with reflection expected within roughly one month of the delisting date. It explicitly warns that in thin liquidity the conversion may execute at a lower price. If a sale is judged impracticable, the ENJ will be held as-is, with claims for transfer to a designated address accepted for five years after delisting, after which recovery may no longer be possible. Bitbank points holders seeking continued trading to Binance Japan and OKCoin Japan as remaining domestic venues for the token. The timing lands amid a wider Japanese housekeeping wave: amendments moving crypto assets fully under the Financial Instruments and Exchange Act have already passed, raising the compliance burden on exchanges and accelerating both industry consolidation and listings reviews. Readers tracking the market in real time can follow live spot and futures prices on Bitget.

A Chain Split Other Tokens Should Study

Our reading of the exchange's official announcement is that this is less a solvency story than an infrastructure one. Enjin Coin (ENJ) was built to back digital assets across the project's dapp ecosystem, yet when the token exists on two chains with no bridge between them, each market prices its own fragmented liquidity, and a regulated exchange is left holding the version nobody wants. With Japan's rulebook tightening, expect more venues to cut tokens whose multi-chain structure they cannot verifiably service — a quiet but real integration risk for any multi-chain asset.