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Upbit’s Announcement: DAXA to Terminate Trading Support for OMG and SRM

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On April 12th, according to Upbit\’s announcement, members of the Korean Digital Asset Exchange Association DAXA plan to terminate their trading support for OmiseGO (OMG) and Serum

Upbits Announcement: DAXA to Terminate Trading Support for OMG and SRM

On April 12th, according to Upbit’s announcement, members of the Korean Digital Asset Exchange Association DAXA plan to terminate their trading support for OmiseGO (OMG) and Serum (SRM) due to abnormal operation of the OmiseGO network (such as difficulty verifying normal network blockages) and the failure of the Serum project to operate properly, making its protocol unusable.

DAXA members of the Korea Digital Asset Exchange Association will jointly delist OMG and SRM

Introduction

On April 12th, Upbit, a South Korean cryptocurrency exchange, issued an announcement stating that members of the Korean Digital Asset Exchange Association (DAXA) plan to terminate their trading support for OmiseGO (OMG) and Serum (SRM). The decision was made due to the abnormal operation of the OmiseGO network, such as the inability to verify normal network blockages, and the failure of the Serum project to operate properly, rendering its protocol unusable.

Background

Upbit is one of the most popular cryptocurrency exchanges in South Korea, catering to millions of users. It provides a platform for trading various cryptocurrencies including Bitcoin, Ethereum, and many others. In 2018, Upbit became the first cryptocurrency exchange in the country to receive a license to operate from the Korea Financial Intelligence Unit. As a trusted exchange, Upbit has always placed great emphasis on security and transparency, and has implemented measures to ensure that customer funds and personal data are protected.

The Announcement

According to the announcement, members of DAXA, a self-regulatory organization that oversees the activities of cryptocurrency exchanges in South Korea, have decided to stop supporting trading of OMG and SRM due to concerns about their networks’ abnormal operation. In particular, they cited the OmiseGO network’s inability to verify normal network blockages, which has led to a series of issues and disruptions on the platform. Additionally, the Serum project has been experiencing problems and has failed to operate properly, rendering its protocol unusable.

Impact on Traders

The decision by DAXA to stop supporting trading of OMG and SRM is likely to have a negative impact on traders who have invested in these cryptocurrencies. Since DAXA oversees the activities of many cryptocurrency exchanges in South Korea, this decision could potentially impact trading volumes for OMG and SRM across the country. Additionally, given the growing importance of the South Korean cryptocurrency market, this could also have a ripple effect on the global market.

Conclusion

In conclusion, the decision by DAXA members to terminate their trading support for OMG and SRM highlights the importance of network stability and reliability in the world of cryptocurrencies. As the market continues to evolve and mature, it is likely that exchanges and regulatory bodies will become increasingly vigilant about ensuring that the platforms they support are secure and trustworthy. In the meantime, investors and traders should pay close attention to developments in the cryptocurrency market and remain vigilant about the networks and projects they choose to invest in.

FAQs

Q1. What is DAXA?

A1. DAXA stands for the Korean Digital Asset Exchange Association, which is a self-regulatory organization that oversees the activities of cryptocurrency exchanges in South Korea.

Q2. What is OMG?

A2. OMG, or OmiseGO, is a cryptocurrency that serves as a payment network and processing platform.

Q3. What is SRM?

A3. SRM, or Serum, is a decentralized exchange that operates on the Solana blockchain.

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