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

According to the CEO of Wemade, Henry Chang, the South Korean cryptocurrency exchange Upbit was the brains behind the Digital Asset Exchange Joint Consultative Body (DAXA)’s decision to delist WEMIX. The Wemade CEO accused Upbit of applying different standards and of failing to furnish his company with the token supply guidelines.

Wemade Not Formally Notified About the Delisting Decision

Just days after an association 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 exchange of orchestrating the token’s removal. Speaking at an online press briefing, Chang also claimed to not have been formally notified about the decision to delist the token.

As reported by Bitcoin.com News, South Korea’s Digital Asset Exchange Joint Consultative Body (DAXA) said the WEMIX token will be delisted in December. Justifying the decision, DAXA claimed the token information provided by Wemade — a gaming company — was false and had caused confusion among investors.

However, in his Nov. 25 online press briefing, Chang revealed that before the delisting announcement was made, Upbit — reportedly South Korea’s largest crypto exchange — had suspended WEMIX reportedly because there was a discrepancy between the planned and actual tokens in circulation. Yet when Wemade asked to be furnished with the token circulation standards or guidelines, Upbit failed to do so, Chang said.

“When [WEMIX] received the investment warning, we asked Upbit for their standard or guideline for circulation, but to this day have not received anything,” Chang reportedly said.

Double Standards Allegations

The CEO also pointed to Upbit’s application or use of different standards when dealing with other projects which did not even inform the exchange about their respective tokens’ planned supply.

Meanwhile, a report by Forkast News suggested the Wemade CEO had acquired more WEMIX tokens to demonstrate his belief that the token would recover. Following the delisting announcement, the U.S. dollar value of WEMIX plunged by nearly 70% in less than 24 hours.

When asked about the possibility of users in South Korea failing to access the token, Chang said the token is still listed on other exchanges like Okx, Kucoin, and Crypto.com. He reportedly said that his team is in talks with Binance and Coinbase.

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Terence Zimwara

Terence 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.