Seoul Court Rejects Wemade’s WEMIX delisting order with 5 Korean Exchanges

Wemix, the game publisher, has asked the court for a reversal of the decision to delist WEMIX from the five 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.Investors in Wemix and Wemade held a rally outside Upbit’s headquarters in Gangnam, south of Seoul, on Friday afternoonAccording 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. Wemade sold 108 millions Wemix tokens in January worth approximately 227.1 billion won ($174.9 Million) without drawing attention from investors. The company also issued 70 million more tokens in October than was reported. According to the union, Wemix issued 70 million more tokens in October than reported. 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.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.Join us to keep track of news: coincu.comFoxyCoincu NewsTags: # Cryptocurrencies#MarketsBlockchaincryptoDAXAdelistedKoreanWemadeWEMIX