Wemix Struggles in Defense Against South Korea’s Delistings

Wemix Struggles in Defense Against South Korea’s Delistings
  • DAXA urges to delist WEMIX completely.
  • Wemix files a petition to the Korea Fair Trade Commission.
  • WEMIX price dropped down drastically.

On the whole, quite dangerous, and extremely volatile is the serious business of firms relating themselves with the crypto industry. Though being a good field of opportunity to make money on one side, it also persists as the best way to lose on the other side. 

Likewise, the Wemix gaming firm, which is indeed partnered with many prominent tech giants such as Microsoft, is currently facing a similar fate. The South Korean based gaming, and game development firm started way back in 2000. With a distinctive track record, the firm shot up, paving the way for giants like Microsoft to partner, and back it up. 

However, things are taking the wrong turn for Wemix. Wemix entered into the blockchain technology, in a bid to incorporate blockchain gaming, crypto, and much more. With high ambitions, the project indeed succeeded, making a significant value for itself, along with the native token of the platform, WEMIX. 

Despite all the sunshines, currently Wemix is bleeding, paving towards a tragic path. Ever since the fall of the FTX exchange, the South Korean government has been taking serious actions upon regulating, and governing crypto exchanges. In such bids, the South Korean authorities have planned to completely delist WEMIX from all South Korean crypto exchanges. 

Behind the Delisting of WEMIX 

Accordingly, many cases have been failed by the Digital Asset Exchange Alliance (DAXA), in order to delist WEMIX. The DAXA, is a group of all the most prominent exchanges like the Bithumb, Upbit, Gopax, Korbit, and much more. 

In spite of this, the Seoul Central District Court acknowledged the claims of DAXA, and made the decision to delist WEMIX.  Moreover, DAXA accuses that the main reason for delisting WEMIX, is that Wemix has failed to numerically interpret the total number of WEMIX tokens. 

This could be a serious concern, as with the current market, and bitter experiences the crypto market has had so far. And so, a few South Korean exchanges have delisted WEMIX. As a result, the price of WEMIX fell down drastically, from $0.67 dashing down to $0.13, within a few hours. 

In order to defend itself, Wemix claims that it is going to file a lawsuit against the delisisting decision to the Korea Fair Trade Commission. Currently, WEMIX is trading for the price of $0.189, with the graphs plunged down by 46.71%, just within the past 24 hours.

A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.