WEMIX Delisting: South Korean Crypto Exchange Upbit Accused of Instigating Token Removal

According to the CEO of Wemade, Henry Chang, the South Korean cryptocurrency speech Upbit was the brains down the Digital Asset Exchange Joint Consultative Body (DAXA)’s determination to delist WEMIX. The Wemade CEO accused Upbit of applying antithetic standards and of failing to furnish his institution with the token proviso guidelines.

Wemade Not Formally Notified About the Delisting Decision

Just days aft an relation of South Korean crypto exchanges announced the delisting of the WEMIX token, Henry Chang, the CEO of Wemade — the token issuer — accused the Upbit crypto speech of orchestrating the token’s removal. Speaking astatine an online property briefing, Chang besides claimed to not person been formally notified astir the determination to delist the token.

As reported by Bitcoin.com News, South Korea’s Digital Asset Exchange Joint Consultative Body (DAXA) said the WEMIX token volition beryllium delisted successful December. Justifying the decision, DAXA claimed the token accusation provided by Wemade — a gaming institution — was mendacious and had caused disorder among investors.

However, successful his Nov. 25 online property briefing, Chang revealed that earlier the delisting announcement was made, Upbit — reportedly South Korea’s largest crypto speech — had suspended WEMIX reportedly due to the fact that determination was a discrepancy betwixt the planned and existent tokens successful circulation. Yet erstwhile Wemade asked to beryllium furnished with the token circulation standards oregon guidelines, Upbit failed to bash so, Chang said.

“When [WEMIX] received the concern warning, we asked Upbit for their modular oregon line for circulation, but to this time person not received anything,” Chang reportedly said.

Double Standards Allegations

The CEO besides pointed to Upbit’s exertion oregon usage of antithetic standards erstwhile dealing with different projects which did not adjacent pass the speech astir their respective tokens’ planned supply.

Meanwhile, a report by Forkast News suggested the Wemade CEO had acquired much WEMIX tokens to show his content that the token would recover. Following the delisting announcement, the U.S. dollar worth of WEMIX plunged by astir 70% successful little than 24 hours.

When asked astir the anticipation of users successful South Korea failing to entree the token, Chang said the token is inactive listed connected different exchanges similar Okx, Kucoin, and Crypto.com. He reportedly said that his squad is successful talks with Binance and Coinbase.

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