Key Points:

• When OmiseGo and Serum are delisted by DAXA, Upbit will join the exchanges.
• Upbit affirmed that the organization was not working as expected which brought about the above choice.
• Regardless of whether market exchanging support for advanced resources is ended, withdrawals are as yet upheld for 30 days.

As per the most recent declaration, Upbit, Korea’s driving crypto trade, will delist OmiseGO (OMG) and Serum (SRM), showing that OmiseGo and Serum are not working regularly.

It is anticipated that members of the Digital Asset eXchange Alliance (DAXA) will no longer provide trading support for OMG and SRM. Businesses that are DAXA members are said to be allowed to take measures like investing with caution, identifying prudential categories, ending trading assistance, and so on to protect investors. As a result, Upbit followed the procedure devoted to user safety.

The assessed end date for trading these two tokens is April 26, 2023, at 14:00 (KST).

The exchange previously stated that Upbit verified on March 29, 2023, that the OmiseGo network was not functioning properly, such as issues confirming the OmiseGo network’s usual block creation. Consequently, Upbit decided to end transaction support after determining that the OmiseGO project had been abandoned.

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Additionally, using the Serum method is nearly impossible. As a result, Upbit has decided to stop providing Serum with transaction support.

However, in accordance with the end of trading support policy, the exchange continues to permit market trading for terminated digital assets and withdrawals for a period of thirty days following the date of trading support termination.

To safeguard investors by providing information and responding quickly, DAXA is actively analyzing the supported digital assets for trading and monitoring market conditions. There was an emergency.

The main Korean exchanges that are part of DAXA have collaborated to establish standardized delisting criteria, as Coincu reported. The protection of investors from losses is the objective of the planned standard for token security. A technique at identifying unforeseen costs, exchanging volumes, and store sums for specific items is likewise being created.