Seoul Court Revokes Wemade’s WEMIX Delisting Order With 5 Korean Exchanges

Game publisher Wemade has asked the court to cancel the decision to delist WEMIX for the 5 largest cryptocurrency trading platforms in Korea. The reason previously given by the Digital Asset Exchange Alliance (DAXA) was that Wemix submitted false and incomplete information.

According to The Investor, a Seoul court on Friday began reviewing a preliminary order requested by game publisher Wemade to withdraw decisions from South Korea’s top five cryptocurrency exchanges to delist Wemix, a token issued by the game company’s blockchain platform.

Wemade, the game publisher that issues Wemix tokens, is challenging last week’s decision by the Digital Asset Exchange Alliance (DAXA), a trade group representing five South Korean cryptocurrency exchanges, to remove Wemix.

In issuing the delisting notice, the union cited that Wemix had filed “false information”, suspecting that there were significantly more tokens in circulation than the company disclosed.

The petition for this preliminary injunction was filed on Monday after the Digital Asset Exchange Alliance (DAXA) consisting of five crypto exchanges – Bithumb, Upbit, Coinone, Korbit and Gopax – informed announced on November 24th that they will stop trading Wemix tokens on their platform starting December 8th.

The court is expected to issue a decision before this set delisting date.

According to the union, the decision to delist was inevitable given the game company’s failure to transparently disclose its transactions. In early January, Wemade sold 108 million Wemix tokens worth about 227.1 billion won ($174.9 million) without attracting attention to investors. In addition, in October, the company issued about 70 million more tokens than reported. The union said it alerted Wemix in October to provide accurate information, but the game giant did not heed DAXA’s request.

Facing the accusations brought forward, Wemade CEO Chang Hyun-guk on Monday strongly stated that the decision was “arbitrary” by South Korea’s largest cryptocurrency exchange Upbit, citing refers to abusive and unfair action committed by those in positions of power over those under their influence and which therefore derives from an “unfairness and ambiguity”

DAXA immediately denied the CEO’s statement and said the decision was made unanimously by the alliance after Wemade failed to heed their request.

Wemade did not back down and argued that the data they submitted to the exchanges did not matter. Wemade has filed a request for a preliminary injunction.

If the court does not rule in Wemade’s favor by Thursday, the gaming giant’s Wemix token will be removed from five cryptocurrency exchange platforms.

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