Upbit, the leading South Korean digital asset exchange, has announced that it will jointly delist OmiseGO (OMG) and Serum (SRM) alongside other members of the digital asset exchange joint consultative body (DAXA). The decision was made after Upbit confirmed that both projects were not functioning normally, indicating a potential risk to investors.
Following the announcement, the OMG token price dropped by over 10%, currently trading at $1.42 according to TradingView.
According to the official notice released by Upbit, transaction support for OMG and SRM is expected to end on April 26, 2023, at 14:00 KST. Orders placed prior to the termination date will be cancelled, and services such as airdrops, wallet upgrades, and hard forks will no longer be supported after the notice.
Upbit cited difficulty in verifying normal block generation of the OMG network and the virtual impossibility of using the SRM protocol as reasons for the termination of transaction support for both projects. As a result, Upbit judged that both projects had ended and decided to end transaction support to protect investors.
While transaction support for OMG and SRM will end on April 26, 2023, withdrawals will still be supported for 30 days from the date of termination in accordance with Upbit’s digital asset transaction support termination policy. Members who need to withdraw the affected digital assets are advised to do so before May 26, 2023.
Upbit and other DAXA members are continuously reviewing the digital assets supported for trading and monitoring market conditions to protect investors. The delisting of OMG and SRM demonstrates Upbit’s commitment to providing a safe and secure trading environment for its users.
Overall, the decision to delist OMG and SRM reflects Upbit’s responsible approach to protecting investors from potential risks associated with digital assets that are not functioning normally. It also serves as a reminder to investors to carefully consider the risks associated with investing in digital assets and to choose exchanges that prioritize security and compliance.
Read more:
- XRP Gains 12x Higher Volume Than Ether On Korea’s Upbit
- South Korea’s Largest Exchange Upbit Launches Spot Trading Of KRW/MASK And BTC/ACS