News

Top 1 Korean Exchange Upbit Will Delist OMG And SRM

Key Points:

  • 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.
Top 1 Korean Exchange Upbit Will Delist OMG And SRM 3

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.

Top 1 Korean Exchange Upbit Will Delist OMG And SRM 4

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.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Bitcoin Spot ETF Outflows Reach Second Highest in History

Bitcoin Spot ETF Outflows hit $541M on November 4, the second-highest single-day outflow in history.…

1 hour ago

PropiChain’s Token Presale Turns Heads as the First DeFi Platform to Merge NFTs with AI 

The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…

4 hours ago

UK Pension Fund Cartwright Encourages 3% Allocation to Bitcoin Investment

UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…

6 hours ago

Crypto PAC Fairshake Continues to Boost 2026 Election With Support from a16z

a16z and Coinbase have pledged substantial funds to crypto PAC Fairshake, aiming to support crypto-friendly…

7 hours ago

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

10 hours ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

13 hours ago

This website uses cookies.