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South Korean Crypto Exchanges Delist WEMIX — Token Price Plunges by Nearly 70% – Exchanges Bitcoin News

The Digital Asset Exchange Joint Consultative Body (DAXA), the South Korean association of crypto exchanges, announced on November 24 that the WEMIX token will be delisted. In justifying the decision to delist WEMIX, the association claimed that the information provided by the token’s issuer Wemade was false and confused investors.

Inconsistency between WEMIX circulating supply and token distribution plan

An association of South Korean cryptocurrency exchanges, the Digital Asset Exchange Joint Consultative Body (DAXA), announced on November 24 that gaming platform Wemade’s token – WEMIX – will be delisted. According to DAXA, the decision to delist WEMIX came after the association claimed to have found a discrepancy between the token’s circulating stock and the submitted distribution plan.

The announcement by DAXA, which consists of five crypto exchanges namely: Bithumb, Coinone, Gopax, Korbit and Upbit, came days after some local media reports suggested that the delisting decision would be revealed on November 17. At the time, Wemade CEO Henry Chang reportedly told token holders that the delisting of WEMIX was not a possibility.

However, as reported by Hankyung publication, DAXA association members finally decided to remove the sign from the respective platforms.

“The distribution amount exceeding the distribution plan submitted by Wemix to DAXA is a significant amount of overcirculation at the time of designation as a cautionary issue, and the degree was judged to be significant,” DAXA is reported to have said.

Furthermore, the association accuses Wemade of spreading false information and confusing investors by disclosing unconfirmed information about WEMIX’s listing status.

At the time of writing (Nov. 24, 3 p.m. EST), WEMIX was down nearly 70% to $0.488, while the token’s 24-hour traded volumes were just over $540 million. Meanwhile, DAXA reportedly said “Wemix’s transaction support will be terminated on December 8 to protect investors.”

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Terence Zimwara

Terence Zimwara is a Zimbabwean award-winning journalist, writer and author. He has written extensively about the economic problems of some African countries as well as how digital currencies can offer Africans an escape route.

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