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Leading South Korean Exchanges Announces Delisting of WEMIX Token

Leading South Korean Exchanges Announces Delisting of WEMIX Token

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  • The Digital Asset Exchange Joint Consultative Body announced the removal of the token.
  • The developer of the token has completed a funding round of $46 million.

The WEMIX token used on the WEMIX gaming platform has been removed from many major South Korean cryptocurrency exchanges. The cryptocurrency company recently revealed that it received funding from companies including software giant Microsoft. In addition, the Digital Asset Exchange Joint Consultative Body, which consists of the country’s five largest exchanges, announced the token’s retirement date.

Upbit, Bithumb, Coinone, Korbit and Gopax were involved. According to the reported conversations, Wemix sent misleading information. The developer of the token has completed a $46 million funding round, including participants such as Microsoft.

Inaccuracy in the information provided

Korean cryptocurrency exchanges have recently reported finding inaccuracies in the information provided by the company. South Korean news channels say that during the discussions, it was suggested that inconsistencies would be found in information relevant to the operation, such as the distribution volume.

In order to protect their investors, these five exchanges announced that they will stop supporting WEMIX’s transaction services. They also said that starting December 8th, WEMIX events will no longer be supported.

The WEMIX token is the 226th most valuable cryptocurrency. In the last day, the value of the token has dropped by almost 77% following the delisting notice. According to CMC, the current WEMIX price is $0.3838 at the time of writing.

WEMIX also said it is working to get exchanges to reverse their decision to stop supporting transactions. A message from the team’s account promised a quick and decisive response to the unilateral move to end support for WEMIX events.

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