The members of the digital asset exchange joint consultative body (DAXA), a group of South Korean crypto exchanges, plan to delist OMG Network (OMG), formerly known as OmiseGo, and Serum (SRM).
OMG and SRM Will be Delisted by South Korean Exchanges
Per Upbit’s announcement, DAXA will end support for OМG and SRМ on April 26 at 14:00 KST. The reason for the delisting is to protect investors on the Korean stock exchange. Wu Blockchain said OМG and SRМ have not been “functioning normally.”
While DAXA members formed after the collapse of Terra announced the delisting, users will be able to withdraw their funds a month after the closure of OМG and SRМ.
So far, five Korean exchanges – Upbit, Coinone, Bithumb, GOPAX and Korbit – have joined DAXA to prevent support and help investors in a crisis.
Last month, US-based crypto exchange Coinbase suspended trading in OМG and other tokens. According to the post, users were able to access and withdraw their funds while trading was banned.
Additionally, Binance, the largest crypto exchange by trading volume, also delisted SRМ following the FTX crash in November 2022. According to the report, the reason for SRМ’s delisting was its ties to a failed cryptocurrency platform in the Bahamas.
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