Korean Court Rejects Wemade’s Application, Can’t Stop WEMIX’s Delisting

The Korean court did not accept Wemade’s application for an order to temporarily suspend the delisting of the Wemix virtual currency (WEMIX). The 5 largest Korean exchanges will delist WEMIX today.

According to Money Today, the Seoul Central District Court in South Korea has rejected a temporary injunction imposed by Wemade subsidiary Wemix PTE for the “deleting of WEMIX tokens on Upbit and other crypto exchanges”.

As was updated in a previous article by Coincu News, on December 2, Wemade applied to a Korean court to suspend the order to delist WEMIX on the 5 largest Korean exchanges, Bithumb, Upbit , Coinone, Korbit and Gopax. WeMade’s CEO blamed Upbit for WEMIX’s delisting, accusing them of abuse of power and treating projects differently.

This action follows statements by Bithumb, Upbit and other Korean exchanges that have announced that they will delist the WEMIX token on the grounds that WEMIX has submitted false and incomplete information.

At 3:00 pm local time on December 8, member exchanges of the Digital Asset Exchange Association (DAXA) will announce the delisting date. According to the court’s rejection decision on the same day, each exchange will perform the delisting of the WEMIX token.

After the Korean court’s decision, WeMade said it would respect the ruling and try to promote WEMIX in other domestic exchanges and promote development on new exchanges abroad.

“In addition to the supported domestic exchanges at the close of this transaction, we are preparing to list the WEMIX token on other domestic exchanges. At the same time, we are moving forward. listing of WEMIX tokens on new overseas exchanges We must respect the court’s decision, in order to restore trust and normalization in Wemix, we will work hard to make things right plan.”

WeMade said

WEMIX price went downhill quickly, down 65% in 24 hours.

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