The top five U.S. exchanges have set a deadline for delisting the cryptocurrency.
The delisting of gaming platform token WEMIX has been announced by a number of significant South Korean cryptocurrency exchanges. The cryptocurrency initiative recently revealed that it had raised money from businesses, including computer giant Microsoft. A deadline for the token's delisting was declared by the Joint Consultative Body of the Digital Asset Exchange, which consists of the top five exchanges in the nation.
Exchanges including Upbit, Bithumb, Coinone, Korbit, and Gopax were a part of the consortium. Wemix was accused of giving incorrect information in the exchanges. The token's creator recently raised $46 million from investors that included Microsoft. The Korean cryptocurrency exchanges said in a recent report that they had discovered inaccuracies in the company's data. Reports in the South Korean media claimed that the discussions indicated looking for discrepancies in crucial data like distribution volume. According to the discussions, this is a unique circumstance in which it is challenging to regain confidence in the capacity to recognise and handle crucial project information, such as critical project information like distribution volume being updated multiple times after submission.
In order to safeguard investor safety, the five exchanges disclosed their choice to stop providing transaction support to WEMIX. On December 8, they said, support for WEMIX transactions will cease. Based on market value, the WEMIX token is presently ranked 226. Due to the delisting news, the token's value decreased by over 70% during the last 24 hours. According to price monitoring website CoinGabbar, the price of WEMIX is currently $0.4628.
Regarding Reversing the Decision
The WEMIX team stated that it was attempting to convince the exchanges to reverse their decision to stop providing transaction support. The team promised in a tweet that it will act quickly and actively in reaction to the unilateral decision to remove WEMIX transaction support.