Major national virtual currency exchanges have decided to end (eliminate) transaction support for “Wemix”, a virtual currency created by WeMade. On the 24th, Upbit, Korea’s largest virtual currency exchange, announced that it had decided to end trading support for WEMIX, which was designated as an investment security item through a notice on the 24th. The photo shows the building for WeMade offices in Seongnam-si, Gyeonggi-do on 25. | Yonhap News
In the wake of the controversy surrounding the delisting of WEMIX, a major domestic virtual currency exchange, financial authorities have begun examining whether there is room for institutional improvement in the standards for delisting virtual currencies.
According to the financial industry on the 27th, the Financial Supervision Service has started the institutional review regarding the standards for the delisting of virtual currency while monitoring market conditions after the major domestic virtual currency exchanges decided to delist Wemix. Wemix is a virtual currency issued by Wemade, a domestic gaming company.
There is currently no legal or institutional mechanism for financial authorities to manage and supervise the delisting of virtual currencies. Whether or not a virtual currency is removed is determined by each virtual currency exchange itself.
Earlier on the 24th, major virtual currency exchanges in Korea supported trading for Wemix according to the decision of the Digital Asset Exchange Joint Advisory Body (DAXA, Daksa) consisting of 5 won exchanges (Upbit, Bithumb, Korbit , Coinone, Gopax). decided to finish on 8 December. Daksa is an advisory body formed by five Korean won exchanges to prepare a minimum joint response standard for delisting after the Moon and Earth incidents.
When Daksa decided to scrap Wemix, he pointed out that Wemix’s reach exceeded the plan. According to CoinMarketCap, as of 20:00 on the 27th of last month, Wemix’s distribution was 318.42 million, 29% higher than the 245.97 million announced by WeMade.
On the other hand, Wemade’s side is protesting, saying that the standards for the “circulation volume” of virtual currency exchanges like Upbit were unclear. At an emergency press conference on the 25th, WeMade CEO Jang Hyeon-guk said, “Upbit is the only exchange that has presented a distribution plan.” CEO Jang said, “Even now, if you go into Upbit, there are many coins that have not disclosed their distribution plan.”
It is expected that there will be a legal battle between each exchange and Wemade over the delisting of Wemix in the legal and institutional vacuum regarding standards for delisting virtual currency. It is known that WeMade is preparing an injunction lawsuit against the exchanges asking for the delisting decision to be reversed.
