South Korean Exchanges Delist Microsoft Linked WEMIX Token, Here’s Why

WEMIX Token Delist News: Several major crypto exchanges based in South Korea have announced the delisting of gaming platform token WEMIX. The crypto project had recently announced raising funds from companies including tech major Microsoft. The Digital Asset Exchange Joint Consultative Body, comprising five top exchanges in the country announced a date for delisting the token.

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False Information

The group included exchanges Upbit, Bithumb, Coinone, Korbit, and Gopax. The exchanges cited that Wemix provided false information. The company behind the token recently raised $46 million in a round that included companies like Microsoft. However, in a latest, the Korean crypto exchanges said they found errors in the data submitted by the company. According to South Korean media reports, the exchanges suggested finding inconsistencies in important information such as distribution volume. The exchanges said,

“This is an unusual situation in which it is difficult to restore confidence in the ability to identify and manage important information within the project, such as important information such as distribution volume being revised several times after submission.”

Keeping this in mind, the five exchanges revealed the decision to terminate transaction support to WEMIX to ensure investor safety. The support for WEMIX transactions will end on 8 December, they added. The WEMIX token is currently ranked 226 based on market value. The token lost around 70% in value over the past 24 hours owing to the delisting news. As of writing, WEMIX price stands at $0.4738, according to price tracking platform CoinMarketCap.

On Retracting The Decision

Meanwhile, the WEMIX team said it was working on the exchanges retract their decision to withdraw transaction support. In response to the unilateral decision on WEMIX transaction support termination, team will immediately and actively respond to the situation, it said in a tweet.

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