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Seoul court sides with crypto exchanges to delist Wemix


Wemade's headquarters in Seongnam, Gyeonggi, on Thursday. [YONHAP]

Wemade’s headquarters in Seongnam, Gyeonggi, on Thursday. [YONHAP]

 
The Seoul Central District Court sided with crypto exchanges on Wednesday evening, dismissing Wemade’s request to cancel a decision made last month by local crypto exchanges to delist Wemix tokens from their services.
 
The verdict comes a week after Wemade challenged a decision made last month by the Digital Asset eXchange Alliance (DAXA), a trade group representing Korea’s five crypto exchanges, to delist Wemix from their services.
 
The exchanges — Upbit, Bithumb, Coinone, Korbit and Gopax — said they will stop the trading of Wemix coins on Dec. 8 at 3 p.m. Owners will be able to withdraw their money for a month after trading ends.
 
Wemade made a complaint to the Seoul Central District Court requesting the decision be revoked, and the court said last Friday that it will have a ruling by Wednesday, the day before DAXA’s ultimatum.
 
Price of Wemix tokens nosedived 50 percent after news broke, trading at 600 won ($0.45) on Wednesday night.
 
The shares of Wemade, the company that issues Wemix, had closed at the same price as the previous day on Wednesday at 37,700 won ($29) as investors remained cautious about the possible outcome from the court.

BY YOON SO-YEON [yoon.soyeon@joongang.co.kr]





Read More: Seoul court sides with crypto exchanges to delist Wemix

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