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


The Digital Asset Change Joint Consultative Physique (DAXA), the South Korean affiliation of crypto exchanges, introduced on Nov. 24 that the WEMIX token can be delisted. In justifying the choice to delist WEMIX, the affiliation claimed the knowledge supplied by the token’s issuer Wemade is fake and has confused traders.

Discrepancy Between WEMIX Circulating Provide and Token Distribution Plan

An affiliation of South Korean cryptocurrency exchanges, the Digital Asset Change Joint Consultative Physique (DAXA), introduced on Nov. 24 that the gaming platform Wemade’s token — WEMIX — can be delisted. In accordance with DAXA, the choice to delist WEMIX got here after the affiliation claimed to have discovered a discrepancy between the token’s circulating provide and the submitted distribution plan.

The announcement by DAXA, which is made up of 5 crypto exchanges, particularly: Bithumb, Coinone, Gopax, Korbit, and Upbit, got here simply days after some native media stories steered the delisting resolution can be revealed on Nov. 17. On the time, CEO of Wemade Henry Chang reportedly advised token holders that the delisting of WEMIX was not a risk.

Nonetheless, as reported by Hankyung publication, DAXA affiliation members finally determined to take away the token from the respective platforms.

“The distribution quantity exceeding the distribution plan submitted by Wemix to DAXA is a substantial quantity of over-circulation on the time of designation as a warning difficulty, and it was judged that the diploma was vital,” DAXA reportedly mentioned.

Additional, the affiliation accuses Wemade of circulating false info and complicated traders by releasing unconfirmed details about WEMIX’s itemizing standing.

On the time of writing (Nov. 24, 3:00 p.m. EST), WEMIX was down by practically 70% to $0.488 whereas the token’s 24-hour traded volumes had been simply over $540 million. In the meantime, DAXA reportedly mentioned “Wemix’s transaction assist can be terminated on Dec. 8 to guard traders.”

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, creator and author. He has written extensively in regards to the financial troubles of some African international locations in addition to how digital currencies can present Africans with an escape route.

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