South Korean Cryptocurrency Exchanges Delist WEMIX — Crypto Token Price Plunges by Nearly 70 percent

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South Korean Cryptocurrency Exchanges Delist WEMIX — Crypto Token Price Plunges by Nearly 70 percent

The Digital Investment Exchange Joint Consultative Body (DAXA), the Korean of cryptocurrency exchanges, announced on Nov. 24 that the WEMIX crypto token would be delisted. In justifying the decision to delist WEMIX, the association claimed the information provided by the token’s issuer Wemade is false and has confused .

Discrepancy In the middle of WEMIX Circulating Supply and Crypto Token Distribution Plan

An association of digital currency exchanges, the Digital Investment Exchange Joint Consultative Body (DAXA), announced on Nov. 24 that the gaming Wemade’s crypto token — WEMIX — would be delisted. As reported by DAXA, the decision to delist WEMIX came after the association claimed to have found a in the middle of the token’s circulating and the submitted plan.

The notice by DAXA, which is made up of 5 cryptocurrency exchanges, namely: Bithumb, Coinone, Gopax, Korbit, and Upbit, came just days after some local suggested the delisting decision would be revealed on Nov. 17. At the time, CEO of Wemade Henry Chang reportedly reported crypto token holders that the delisting of WEMIX was not a possibility.

Nonetheless, as reported by Hankyung publication, DAXA association members ultimately decided to remove the crypto token from the respective platforms.

“The distribution amount exceeding the distribution strategy submitted by Wemix to DAXA is a considerable amount of over-circulation at the time of designation as a issue, and it was judged that the degree was significant,” DAXA reportedly said.

Further, the association accuses Wemade of circulating false information and confusing investors by releasing unconfirmed information about WEMIX’s status.

At the time of publication (Nov. 24, 3:00 p.m. EST), WEMIX was down by nearly 70 percent to $0.488 while the token’s 24-hour traded volumes were just over $540 Million. In the meantime, DAXA reportedly stated “Wemix’s will be terminated on Dec. 8 to protect investors.”

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