South Korean Exchanges to Delist OMG and SRM
The Digital Asset Exchange Joint Consultative Body (DAXA), a group of South Korean cryptocurrency exchanges, has announced its plan to delist OMG Network (OMG), formerly known as OmiseGo, and Serum (SRM). According to the announcement by Upbit, one of the DAXA members, the exchanges will terminate support for both OMG and SRM on April 26 at 14:00 KST.
Reasons Behind the Delisting
The main reason cited for the delisting of these digital assets is the protection of investors. Wu Blockchain reported that OMG and SRM have not been “functioning normally,” prompting the decision by the South Korean exchanges. This move is in line with DAXA’s mission to prevent support for problematic assets and assist investors in crisis situations.
Withdrawal Period for Users
Although DAXA has announced the delisting, users will still be allowed to withdraw their funds for a month following the termination of support for OMG and SRM. This grace period provides investors with ample time to secure their funds and make any necessary arrangements.
DAXA Members and Their Role
DAXA was formed in the wake of the Terra collapse to address issues arising from problematic digital assets. Five major South Korean exchanges have joined DAXA, including Upbit, Coinone, Bithumb, GOPAX, and Korbit. Their primary goal is to ensure investor protection and facilitate assistance during crisis situations.
OMG and SRM Delisting on Other Exchanges
Last month, US-based cryptocurrency exchange Coinbase also suspended trading of OMG, among other tokens. According to a tweet from the exchange, users can still access and withdraw their funds, but trading remains prohibited. Additionally, Binance, the largest crypto exchange by trading volume, delisted SRM following the FTX collapse in November 2022. The connection between SRM and the fallen Bahamas-based cryptocurrency platform was cited as the reason for its delisting.
The decision by South Korean exchanges to delist OMG and SRM highlights the growing need for investor protection in the rapidly evolving cryptocurrency market. As more exchanges join forces to prevent support for potentially harmful assets, investors can expect a safer trading environment in the future.
