South Korean exchanges to delist OMG and SRM

The members of the digital asset exchange joint consultative body (DAXA), a group of South Korean crypto exchanges, are planning to delist OMG Network (OMG), formerly known as OmiseGo, and serum (SRM).

According to the announcement by Upbit, DAXA will end support for OMG and SRM on April 26 at 14:00 KST. The reason behind the delisting is to protect investors per the Korean exchange. Wu Blockchain said OMG and SRM have not been “functioning normally.”

Korean exchanges such as Upbit will jointly delist OmiseGO (OMG) and Serum (SRM), indicating that OmiseGo and Serum are not functioning normally. https://t.co/7hPbwFcwNj

— Wu Blockchain (@WuBlockchain) April 12, 2023

While the members of DAXA, formed after the Terra collapse, announced the delisting, users would be allowed to withdraw their funds a month after the termination of OMG and SRM.

So far, five Korean exchanges — Upbit, Coinone, Bithumb, GOPAX, and Korbit — have joined DAXA to prevent support and assist investors in a crisis situation.

Last month, the US-based crypto exchange Coinbase suspended trading OMG, among other tokens. Per the tweet, users could access and withdraw their funds while trading was prohibited.

We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on recent reviews, we will suspend trading for Rally (RLY), DFI Money (YFII), Mirror (MIR), OMG Network (OMG), Loom Network (LOOM), & Augur (REP) on March 29, 2023.

— Coinbase Assets (@CoinbaseAssets) March 15, 2023

Moreover, the largest crypto exchange by trading volume, Binance, also delisted SRM after the FTX collapse in November 2022. Per the report, the reason behind delisting SRM was its connections with the fallen Bahamas-based cryptocurrency platform.