South Korean Exchanges Delist OAS, DAXA Decision Sparks Liquidity Crisis

VADODARA, February 10, 2026 — In a coordinated move, South Korea's three largest cryptocurrency exchanges—Upbit, Bithumb, and Coinone—will delist the Oasis (OAS) token on March 13, 2026, at 06:00 UTC. This latest crypto news, announced via official exchange websites, represents a collective enforcement action by the Digital Asset eXchange Alliance (DAXA), raising immediate questions about the underlying health of the Oasis Network and broader regulatory pressures in Asia.

Investigation: The DAXA Delisting Mechanism

According to the official announcements, the termination of trading support for OAS is a "collective decision" by DAXA member companies. Market structure suggests this is not an isolated event but part of a systematic purge. DAXA, formed by these exchanges, operates as a self-regulatory body. Its criteria for delisting often cite "transparency failures" or "investor protection concerns," yet the public statements lack forensic detail. This opacity contradicts the alliance's stated mission. A similar pattern emerged with the recent delisting of SXP, where vague justifications preceded a total liquidity evaporation.

The timing is critical. The delisting occurs amidst a global Extreme Fear sentiment, with Bitcoin trading at $69,005, down 2.35% in 24 hours. Consequently, this action may function as a forced liquidity event, draining capital from a struggling altcoin into more established assets. On-chain data from Etherscan indicates negligible large-holder activity on the Oasis Network in the preceding week, suggesting insiders may have anticipated the move.

Market Context & Historical Precedent

Historically, coordinated delistings by major exchanges create irreversible price damage. The 2023 delisting of several privacy tokens by Korean exchanges led to permanent devaluation. In contrast, the current environment is more severe. The Crypto Fear & Greed Index sits at 9/100, indicating near-maximum capitulation. This delisting amplifies that fear, potentially triggering a cascade. Market analysts note that DAXA's actions often precede broader regulatory tightening, as seen in 2024.

, this event mirrors structural weaknesses in proof-of-stake layer-1 networks competing for dwindling developer attention and TVL. The Oasis Network's total value locked has declined steadily, per DeFiLlama data. Underlying this trend is a macro shift where capital consolidates into Bitcoin and Ethereum during risk-off periods, a pattern evident in the current Bitcoin price action.

Related Developments

• Fed's Waller Attributes Crypto Sell-Off to TradFi Entry, Regulatory Gridlock
• Bitcoin Bear Market Analysis: Historical Data Signals Prolonged Downturn

Technical Architecture & Price Action

OAS price action exhibits classic breakdown structure. Prior to the announcement, OAS traded in a descending wedge, a typically bullish pattern. The delisting news invalidated that pattern, creating a massive Fair Value Gap (FVG) below $0.12. The immediate support cluster, formed by the 0.786 Fibonacci retracement level and a high-volume node on the Volume Profile, sits at $0.085. A daily close below this level confirms a bearish Order Block and targets the 2025 low near $0.055.

Market structure suggests the delisting acts as a definitive invalidation event. The Relative Strength Index (RSI) on the 4-hour chart is oversold at 28, but in a delisting scenario, oversold conditions can persist indefinitely. The 50-day moving average, currently at $0.145, now acts as formidable resistance. This technical breakdown is not isolated; it reflects broader altcoin weakness as capital rotates toward perceived safety.

By The Numbers

Why It Matters

This delisting matters for three quantifiable reasons. First, it demonstrates DAXA's power to unilaterally destroy token liquidity. Second, it exposes the fragility of altcoins reliant on single-region exchange support. Third, it contributes to the prevailing Extreme Fear sentiment, potentially prolonging the broader market downturn. Institutional liquidity cycles show that such events often precede a "cleanout" phase where weak projects fail, as outlined in the Ethereum scaling documentation on network sustainability.

Real-world evidence includes immediate double-digit percentage drops in correlated layer-1 tokens. Retail market structure is particularly vulnerable. Investors holding OAS on these exchanges face a forced sell-off, likely at a steep discount. This creates a negative feedback loop, encouraging preemptive selling in other low-cap assets.

Expert Commentary

The DAXA delisting is a liquidity grab disguised as a regulatory action. The lack of specific, on-chain evidence provided to the public undermines the narrative of 'investor protection.' Market structure suggests this is more about risk management during a fear-driven downturn than any fundamental flaw in the Oasis protocol. It sets a dangerous precedent for other altcoins with concentrated Korean exchange volume.

— CoinMarketBuzz Intelligence Desk

Market Outlook & Price Scenarios

Forward-looking intelligence hinges on two data-backed scenarios. The bearish scenario assumes the delisting triggers full capitulation. The bullish scenario requires a swift, coordinated response from the Oasis Foundation to secure alternative listings.

• Bullish Invalidation Level: $0.145. This is the 50-day moving average and prior consolidation zone. A reclaim above this level would require a fundamental catalyst, such as a major partnership or staking upgrade, to override the delisting impact. Current probability is below 15%.
• Bearish Invalidation Level: $0.085. This Fibonacci and volume-based support must hold on a weekly closing basis to prevent a drop to the $0.055 target. A break below confirms the delisting as a total invalidation event.

The 12-month institutional outlook is cautious. Events like this accelerate the consolidation of capital into Bitcoin and Ethereum. For the Oasis Network, survival depends on diversifying exchange listings and demonstrating unique utility beyond South Korea. The 5-year horizon suggests only protocols with robust, multi-regional liquidity and clear regulatory compliance will thrive.