{"id":14805,"date":"2022-11-25T11:44:44","date_gmt":"2022-11-25T11:44:44","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/south-korean-crypto-exchanges-delist-wemix-token-price-plunges-by-nearly-70-exchanges-bitcoin-news\/"},"modified":"2022-11-25T11:44:44","modified_gmt":"2022-11-25T11:44:44","slug":"south-korean-crypto-exchanges-delist-wemix-token-price-plunges-by-nearly-70-exchanges-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/south-korean-crypto-exchanges-delist-wemix-token-price-plunges-by-nearly-70-exchanges-bitcoin-news\/","title":{"rendered":"South Korean Crypto Exchanges Delist WEMIX \u2014 Token Price Plunges by Nearly 70% \u2013 Exchanges Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The Digital Asset Exchange Joint Consultative Body (DAXA), the South Korean association of crypto exchanges, announced on Nov. 24 that the WEMIX token would be delisted. In justifying the decision to delist WEMIX, the association claimed the information provided by the token\u2019s issuer Wemade is false and has confused investors. <\/strong><\/p>\n

Discrepancy Between WEMIX Circulating Supply and Token Distribution Plan<\/h2>\n

An association of South Korean cryptocurrency exchanges, the Digital Asset Exchange Joint Consultative Body (DAXA), announced on Nov. 24 that the gaming platform Wemade\u2019s token \u2014 WEMIX \u2014 would be delisted. According to DAXA, the decision to delist WEMIX came after the association claimed to have found a discrepancy between the token\u2019s circulating supply and the submitted distribution plan.<\/p>\n

The announcement by DAXA, which is made up of five crypto exchanges, namely: Bithumb, Coinone, Gopax, Korbit, and Upbit, came just days after some local media reports suggested the delisting decision would be revealed on Nov. 17. At the time, CEO of Wemade Henry Chang reportedly<\/a> told token holders that the delisting of WEMIX was not a possibility.<\/p>\n

However, as reported<\/a> by Hankyung publication, DAXA association members ultimately decided to remove the token from the respective platforms.<\/p>\n

\u201cThe distribution amount exceeding the distribution plan submitted by Wemix to DAXA is a considerable amount of over-circulation at the time of designation as a warning issue, and it was judged that the degree was significant,\u201d DAXA reportedly said.<\/p>\n

Further, the association accuses Wemade of circulating false information and confusing investors by releasing unconfirmed information about WEMIX\u2019s listing status.<\/p>\n

At the time of writing (Nov. 24, 3:00 p.m. EST), WEMIX was down by nearly 70% to $0.488 while the token\u2019s 24-hour traded volumes were just over $540 million. Meanwhile, DAXA reportedly said \u201cWemix\u2019s transaction support will be terminated on Dec. 8 to protect investors.\u201d<\/p>\n

What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n

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\nTerence Zimwara <\/h6>\n

\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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