Top 1 Korean Exchange Upbit Will Delist OMG And SRM
- Upbit will join exchanges under DAXA delist OmiseGo and Serum.
- Upbit confirmed that the network was not functioning properly which resulted in the above decision.
- Even if market trading support for digital assets is terminated, withdrawals are still supported for 30 days.
According to the latest announcement, Upbit, Korea’s leading crypto exchange, will delist OmiseGO (OMG) and Serum (SRM), indicating that OmiseGo and Serum are not functioning normally.
Members of the Digital Asset eXchange Alliance (DAXA) are anticipated to discontinue trading support for OMG and SRM. To safeguard investors, DAXA member businesses are reported to be allowed to adopt steps such as investing caution, the identification of prudential categories, the discontinuation of trading assistance, and so on. Upbit accordingly followed the process committed to protecting users.
The estimated end date for exchanging these two tokens is April 26, 2023, at 14:00 (KST).
Earlier, the exchange said that on March 29, 2023, Upbit verified that the OmiseGo network was not working correctly, such as issues confirming the OmiseGo network’s usual block creation. As a result, Upbit determined that the OmiseGO project had been discontinued and chose to discontinue transaction support.
Using the Serum procedure is also almost impossible. As a result, Upbit has chosen to discontinue transaction support for Serum.
Nonetheless, the exchange continues to allow market trading for terminated digital assets, and withdrawals are still permitted for 30 days after the date of trading support termination, in accordance with the end of trading support policy.
DAXA is actively analyzing the supported digital assets for trading and monitoring market conditions in order to put safeguards in place to protect investors by giving information and responding quickly. There was a crisis.
As Coincu reported, the main Korean exchanges under DAXA have joined forces to set standardized delisting criteria. The goal of the planned standard for token security is to protect investors from losses. A method for detecting unexpected prices, trading volumes, and deposit amounts for certain commodities is also being developed.
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