- Crypto exchanges in South Korea have announced the delisting of WEMIX.
- Wemade made accusations of disseminating incorrect information by WEMIX.
- President Yoon Suk-Yeol may lift the bans for play-to-earn blockchain games.
Crypto exchanges in South Korea have announced the delisting of WEMIX, the native token of blockchain platform Wemix owned by gaming company Wemade, claiming the company provided “false information” about the issuing of an investment warning.
On November 24, 2022, members of the Digital Asset eXchange Alliance (DAXA), including Bithumb, Upbeat, Coinone, Korbit, and Gopax, announced plans to end contract support for WEMIX.
On October 27, 2022, WEMIX was accused of issuing more tokens than it reported in DAXA’s investment advisory, and WEMIX had promised to cooperate with DAXA to alleviate the concerns.
The delisting of WEMIX comes after a tumultuous month for the token. On October 27, Wemade issued an investment advisory warning its users about the potential for losses in crypto investments and claimed that it was not the issuer of WEMIX.
However, on November 24, Wemade announced that it had delisted WEMIX from its platforms.
The association also made accusations of disseminating incorrect information and confusing investors by revealing unverified details regarding the listing status of WEMIX.
WEMIX was down nearly 70% to $0.488 at the time of writing, and its 24-hour trading volume was slightly over $540 million. WEMIX’s transaction assistance will end on December 8 in order to protect investors, according to DAXA.
South Korea has outlawed play-to-earn blockchain games despite being one of the world’s largest gaming markets and early adopters of blockchain technology.
Furthermore, Wemade also revealed plans to launch a brand-new platform for the economy that combines NFTs and DAOs.
President of South Korea Yoon Suk-Yeol, who supports crypto, has suggested that the ban may be lifted and aims to expand the virtual assets market by changing “regulations that are far from reality and unreasonable.”