WEMIX Delisting: Upbit, A South Korean Crypto Exchange, Is Accused Of Removing Tokens

According to Henry Chang, CEO of Wemade, the South Korean cryptoexchange Upbit was the driving force behind the decision by the Digital Asset Exchange Joint Consultative Body (DAXA) to delist WEMIX. Wemade’s CEO accused Upbit of using inconsistent standards and failing to provide his company with token supply guidelines.

Just days after a group of South Korean crypto exchanges announced the delisting of the WEMIX token, Henry Chang, CEO of the token’s issuer, accused the Upbit crypto exchange of orchestrating its removal. Chang also claimed that he had not been formally notified of the decision to delist the token during an online press briefing.

The WEMIX token will be delisted by South Korea’s Digital Asset Exchange Joint Consultative Body (DAXA) in December. To justify its decision, DAXA claimed that the token information provided by Wemade, a gaming company, was false and had caused investor confusion.

However, Chang revealed in his Nov. 25 online press briefing that prior to the delisting announcement, Upbit — reportedly South Korea’s largest crypto exchange — had suspended WEMIX due to a discrepancy between the planned and actual tokens in circulation. However, when Wemade requested the token circulation standards or guidelines, Upbit did not comply, according to Chang.

“When [WEMIX] received the investment warning, we asked Upbit for their standard or guideline for circulation, but we have yet to receive anything,” Chang is quoted as saying.

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