Coincheck, one of the largest Bitcoin exchanges in Japan, announced that it will delist a popular altcoin from July 25.
Japanese Bitcoin exchange OMG upsets investors
OMG Network (OMG), which ranks 272nd by market capitalization, received the delist news from Japan’s largest Bitcoin exchange Coincheck. The exchange recently announced in an official announcement that it will terminate OMG trading from July 25, 2023.
The remaining OMGs will be automatically sold
As of July 25, the exchange will automatically convert all remaining OMG tokens on its platform to Japanese yen. Users must move their OMG balances to other wallets before this date. Otherwise, the exchange will have the power to convert. This means direct selling pressure on OMG. Additionally, Coincheck’s OMG-related Coincheck Tsumitate and Coincheck crypto-asset lending services will also be temporarily suspended.
【OMGの取扱い廃止について】
コインチェックは、「OMG Network」におけるプロジェクトの継続性等を総合的に検討した結果、お客様に安定したサービスを提供し続けることが難しいと判断し、2023年7月25日（予定）をもってCoincheckにおけるOMGの取扱いを廃止いたします。https://t.co/uBRChbiBVH— Coincheck(コインチェック) (@coincheckjp) June 20, 2023
OMG Network, formerly known as OmiseGo, is an Ethereum-based crypto. It serves as a second-tier solution aimed at increasing scalability. One of its main goals was to integrate various electronic wallets. However, the development of the project actually stopped in 2021 due to the transition of services to the BOBA Network (BOBA).
OMG declared as a security under SEC lawsuits
In April, OmiseGO (OMG), Dash (DASH), Algorand (ALGO), TokenCard (TKN), NAGA Coin (NGC), and i-House Token (IHT) were among the cryptoassets allegedly available for registration on Bittrex. took. This decision came as part of a lawsuit filed by the SEC. Bittrex has been accused of making unregistered $1.3 million from these cryptocurrencies.
William Shihara, one of the co-founders of the exchange, said about this decision, “SEC, Bittrex, Inc. ‘s foreign subsidiary, Bittrex Global GmbH, for failing to register as a national stock exchange in connection with the operation of a single shared order book with Bittrex.
About OMG Network
OMG Network focuses on fast and efficient processing of payment transactions. Users can make instant and low-cost payments using their wallets on OMG. In addition, decentralized finance (DeFi) applications can be run on the OMG Network.
OMG Network uses the Proof of Stake (PoS) consensus mechanism. OMG token is the native cryptocurrency of the network. It is also used to pay transaction fees, secure the network, and distribute rewards to stakeholders. The altcoin is currently trading at $0.5246, down 5% on the day.
cryptocoin.comAs we have reported, another exchange briefly delisted 3 big altcoins in Bakkt.
