Leading South Korean Exchanges Announces Delisting of WEMIX Token

Leading South Korean Exchanges Announces Delisting of WEMIX Token
  • The token’s delisting was declared by the Digital Asset Exchange Joint Consultative Body.
  • The token’s developer has completed a $46 million funding round.

The WEMIX token, used on the WEMIX gaming platform, has been delisted from many major South Korean cryptocurrency exchanges. The cryptocurrency venture recently disclosed that it was receiving funding from corporations including software giant Microsoft. Furthermore, the token’s delisting date was declared by the Digital Asset Exchange Joint Consultative Body, which is comprised of the five largest exchanges in the nation.

Upbit, Bithumb, Coinone, Korbit, and Gopax were among those involved. According to the conversations recounted, Wemix sent out misleading data. The token’s developer has completed a $46 million funding round, including participants like Microsoft.

Inaccuracy in Data Provided

The Korean cryptocurrency exchanges have recently reported that they have discovered inaccuracies in the information provided by the corporation. News outlets in South Korea indicate that during the discussions, it was proposed that discrepancies be found in data that is crucial to the business, such as distribution volume.

To protect its investors, the five exchanges announced that they would be withdrawing their support for WEMIX’s transaction services. They also said that as of December 8th, WEMIX transactions will no longer be supported.

The WEMIX token ranks as 226th most valuable cryptocurrency. Over the last day, the token’s value has plummeted by almost 77% as a result of the delisting announcement. As per CMC, the current WEMIX price is $0.3838 as of the time of this writing.

WEMIX also said that it was seeking to have the exchanges reverse their decision to stop supporting transactions. A post from the team’s account promised a swift and decisive reaction to the unilateral move to stop support for WEMIX transactions.

Recommended For You:

South Korea Is Delving Into Crypto Exchanges to List Native Tokens

A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.