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WEMIX Token Delisting from South Korean Crypto Exchanges

South Korean crypto exchanges delist WEMIX due to misinformation, while potential changes in blockchain regulations loom.
Published on 2022-11-25

WEMIX Token Delisting

South Korean crypto exchanges have recently announced the delisting of WEMIX, the native token of the blockchain platform Wemix, owned by the gaming company Wemade. The decision was driven by allegations that Wemade provided false information regarding the issuance of an investment warning.

DAXA's Role in Delisting

On November 24, 2022, the Digital Asset eXchange Alliance (DAXA), which includes major exchanges like Bithumb, Upbeat, Coinone, Korbit, and Gopax, decided to end contract support for WEMIX. This move follows accusations made on October 27, 2022, suggesting that Wemade issued more tokens than reported. Despite Wemade's promise to cooperate with DAXA to resolve these concerns, the delisting proceeded.

Impact on WEMIX

The delisting announcement has significantly impacted WEMIX, causing its value to drop nearly 70% to $0.488. The token's 24-hour trading volume stood at slightly over $540 million. DAXA plans to end WEMIX's transaction assistance on December 8 to safeguard investors.

South Korea's Blockchain Game Ban

Despite being a leader in the gaming industry and an early adopter of blockchain technology, South Korea has banned play-to-earn blockchain games. This regulatory stance has been a subject of debate, especially as the country's crypto-friendly President Yoon Suk-Yeol suggests potential regulatory changes. He aims to expand the virtual assets market by revising regulations deemed outdated and unreasonable.

Future Developments

In light of these challenges, Wemade has announced plans to launch a new platform integrating NFTs and DAOs. This initiative reflects the evolving landscape of blockchain technology in South Korea and the global market.

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