WEMIX Token Removed From South Korea’s Top Crypto Exchanges

Wemade Shares Drop After Exchange Removal

Wemade, a prominent blockchain game developer in South Korea, experienced a significant drop in its shares, plunging by 23% on the KOSDAQ market. This decline was mirrored by its subsidiaries, Wemade Max and Wemade Play, as their shares also fell sharply. The downturn follows a crucial decision by South Korea's major cryptocurrency exchanges.

Major Exchanges Cease WEMIX Trading

Upbit, Bithumb, Coinone, and Korbit, four of South Korea's leading cryptocurrency exchanges, halted trading of Wemade's token, WEMIX. These platforms together account for more than 95% of the nation's crypto trade volume. The cessation of WEMIX trading occurred after the Seoul Central District Court dismissed Wemade's injunction request against the exchanges' decision to delist the token.

Court Dismissal and Impact

The court ruling on December 7th rejected Wemade's appeal to prevent the removal of its token from the exchanges. The exchanges justified their decision by citing inaccurate circulation information regarding the WEMIX token, which they reported as a significant concern.

Industry Monitoring and Future Steps

The involved exchanges are members of the Digital Asset eXchange Alliance (DAXA), a group dedicated to monitoring the local crypto market. DAXA issued a two-week period for Wemade to address the identified issues. In response, Wemade's CEO, Henry Chang, provided commentary on the situation, highlighting the company's stance and future plans amidst the trading halt.

Conclusion

The removal of the WEMIX token from South Korea's top cryptocurrency exchanges has led to significant financial repercussions for Wemade. This development underscores the importance of accurate reporting and compliance within the rapidly evolving blockchain and cryptocurrency sector.