WEMIX Delisting: South Korean Crypto Exchange Upbit Accused of Instigating Token Removal – Featured Bitcoin News

In response to the CEO of Wemade, Henry Chang, the South Korean cryptocurrency alternate Upbit was the brains behind the Digital Asset Exchange Joint Consultative Physique (DAXA)’s choice to delist WEMIX. The Wemade CEO accused Upbit of making use of completely different requirements and of failing to furnish his firm with the token provide tips.

Wemade Not Formally Notified Concerning the Delisting Choice

Simply days after an affiliation of South Korean crypto exchanges introduced the delisting of the WEMIX token, Henry Chang, the CEO of Wemade — the token issuer — accused the Upbit crypto alternate of orchestrating the token’s elimination. Talking at a web-based press briefing, Chang additionally claimed to not have been formally notified in regards to the choice to delist the token.

As reported by Bitcoin.com News, South Korea’s Digital Asset Exchange Joint Consultative Physique (DAXA) stated the WEMIX token will likely be delisted in December. Justifying the choice, DAXA claimed the token data offered by Wemade — a gaming firm — was false and had induced confusion amongst traders.

Nonetheless, in his Nov. 25 online press briefing, Chang revealed that earlier than the delisting announcement was made, Upbit — reportedly South Korea’s largest crypto alternate — had suspended WEMIX reportedly as a result of there was a discrepancy between the deliberate and precise tokens in circulation. But when Wemade requested to be furnished with the token circulation requirements or tips, Upbit failed to take action, Chang stated.

“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 stated.

Double Requirements Allegations

The CEO additionally pointed to Upbit’s utility or use of various requirements when coping with different tasks which didn’t even inform the alternate about their respective tokens’ deliberate provide.

In the meantime, a report by Forkast News advised the Wemade CEO had acquired extra WEMIX tokens to display his perception that the token would recuperate. Following the delisting announcement, the U.S. greenback worth of WEMIX plunged by practically 70% in lower than 24 hours.

When requested about the opportunity of customers in South Korea failing to entry the token, Chang stated the token remains to be listed on different exchanges like Okx, Kucoin, and Crypto.com. He reportedly stated that his workforce is in talks with Binance and Coinbase.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, creator and author. He has written extensively in regards to the financial troubles of some African nations in addition to how digital currencies can present Africans with an escape route.