WeMade's cryptocurrency, Wemix, was delisted from major cryptocurrency exchanges in South Korea.
Digital Asset eXchange Alliance (DAXA) delisted Wemix. WeMade, which issued Wemix, objected to this and applied for a provisional injunction to the court, but it was dismissed.
Although Wemix was delisted from major exchanges in South Korea, that does not mean that Wemix will become a piece of toilet paper. You can trade on overseas exchanges. The inconvenience is that South Koreans cannot transact in their currency. Recently, wemix can be traded on 'GDAC', a South Korean cryptocurrency exchange. Of course, the price of Wemix has fallen a lot since this happened.
However, it is very difficult to find a reliable cryptocurrency like Wemix. This is because WeMade, unlike other companies, is listed on the KOSDAQ, and Wemix is used in several games including ‘Mir4’.
However, DAXA, which made the decision to delist, did not have guidelines or precise regulations for this. In the meantime, they mercilessly swung a knife at Wemix under the pretext of 'we protect investors'. As a result, Wemade's stock price and Wemix's price plummeted. Those who invested in Wemade stocks or Wemix suffered damage.
Of course, Wemade also did something wrong. Whatever WeMade's intentions were, the planned distribution volume was different from the actual distribution volume. Wemade also acknowledged this. After receiving this criticism, WeMade disclosed information on the distribution volume of Wemix. In addition, WeMade has also established a system to monitor the real-time volume of Wemix.
However, it is a widely known fact that there are many coins that have more problems than Wemix. There are cases where coins are trading more or less than planned, and there are also coins that do not submit this information at all.
What would happen if we apply the same standard applied when Wemix was delisted to other coins? Other coins will also be delisted. And coin investors will again suffer great damage. As such, it can be said that the delisting of Wemix has a great impact on cryptocurrency.
However, if the government decides to control cryptocurrency, the value of blockchain, which calls for decentralization, will be undermined. If that happens, investor sentiment in the cryptocurrency market will shrink, and related companies and exchanges will also suffer. In the end, it can be seen that DAXA has brought a crisis to itself with this decision.
Therefore, DAXA must quickly create guidelines for delisting. Also, companies that issued cryptocurrency need to establish a system that discloses the distribution amount. In this way, both cryptocurrency exchanges and companies should take the lead in forming a trustworthy market.
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