The news that cryptocurrency exchanges in South Korea have made the decision to delist the asset came as a great and unexpected surprise to the whole WEMIX community.

WEMIX will be removed from trading on SR Crypto Exchanges.

Wemix is a blockchain platform that is backed by Wemade, a prominent gaming firm in South Korea. WEMIX is the native token that has been launched by Wemix.

The cryptocurrency exchanges that are situated in South Korea claim that the platform known as "Wemix" has presented them with misleading and incorrect information on the asset.

An investment caution has also been issued by the exchanges for its users, in which they advise their users of the inaccurate information given by Wemix.

In response to the allegations, the various exchanges have made it quite apparent that they want to remove the token from their respective platforms.

Major Stock Markets That Will Be Participating in the Delisting

Gopax, Korbit, Coinone, Upbeat, and Bithumb are among of the largest cryptocurrency exchanges in South Korea, and they are the ones that are supporting the delisting.

These exchanges come together to create a collective that is mostly referred to as DAXA (Digital Asset eXchange Alliance). On November 24, the DAXA stated that they will be delisting the WEMIX token from its respective platforms.

The companies have disclosed in their release that the contract for the specific token would be cancelled from their end somewhere during the month of December.

The notification makes it clear that the particular asset will no longer be available for trade after December 8 for users who now own it. After that point, the token will be decommissioned, and there will be no further opportunities to trade or acquire it.

Statement made by DAXA

It was on October 27 when the DAXA brought the issue to everyone's attention for the very first time. During that time, the DAXA argued that the number of WEMIX tokens that are currently in circulation is significantly higher than what Wemix has communicated.

After it was brought to everyone's attention, Wemix gave their word that they would collaborate with DAXA to find a solution to the problem. Wemix has assuaged the concerns of the entire WEMIX token community by reassuring them that the issue at hand will be resolved.

They are going to collaborate in order to find a solution to the problem, and everyone will be on the same page. According to the appearances, there was no advancement made on the matter, which forced the exchanges to come to a radical conclusion.

However, officials from Wemix completely refuted the claim that was made by DAXA regarding the actual supply of WEMIX as opposed to the supply that was communicated.

Officials from Wemix issued a statement in which they expressed their displeasure with the decision that the DAXA had previously announced regarding the matter. They have not moved a single WEMIX that is in excess of the supply that has been communicated.

Following the publication of the news, the value of the WEMIX token experienced a precipitous 70.8% drop. As this is being written, the price has dropped to $0.476 in recent trading.

The value of the WEMIX token is expected to continue falling as the day of the delisting draws closer.