South Korea's Top Five Exchanges to Delist WEMIX, Token Price Plunges 60% Temporarily

BlockBeats News, May 2nd, five South Korean cryptocurrency exchanges, Upbit, Bithumb, Coinone, Korbit, and Gopax, announced that they plan to delist WEMIX, the blockchain platform coin owned by Wemade, on June 2nd, and token withdrawals will be terminated on July 2nd.

Impacted by this news, WEMIX briefly dropped 60% to 0.25 USDT and has now rebounded to 0.38 USDT.

The Korean Digital Asset Exchange Association (DAXA) believes that the Wemix Foundation has not adequately addressed the issues that led to the asset being designated as a cautious investment cryptocurrency. After a comprehensive review of the credibility and security of the issuing entity, it was determined that this asset does not meet the standards to maintain trading support.