DAXA "Wemix Delisting, Unanimous Decision by Member Companies... Cannot Restore Damaged Trust"

"Delisting Decision Aimed at Market Trust and Investor Protection"

[Asia Economy Reporter Myunghwan Lee] The Digital Asset Exchange Alliance (DAXA), a joint council composed of the five major domestic cryptocurrency exchanges, announced on the 28th that the decision to delist WEMIX (terminate trading support) was made "based on the unanimous conclusion of each member company that ending trading support is appropriate for market trust and investor protection."

DAXA released a statement on the same day explaining, "After going through procedures at the DAXA level, all member companies supporting the trading of the relevant virtual asset (WEMIX) reached the same conclusion to terminate trading support according to their respective standards. Accordingly, DAXA coordinated the timing to announce this common conclusion to the market."

Earlier, on the 24th, DAXA announced that the termination of trading support for WEMIX, which had been designated as a cautionary investment item, had been decided. Accordingly, Upbit, Bithumb, Coinone, and Korbit, which support WEMIX trading, plan to end trading support for WEMIX at 3 p.m. on the 8th of next month.

DAXA explained that even before the decision to terminate trading support, it had been jointly responding to major issues to protect investors. DAXA stated that prior to the designation of WEMIX as a cautionary item and the decision to end trading support, it had jointly handled measures such as ▲designation of Litecoin (LTC) as a cautionary item and termination of trading support ▲designation of MovieBloc (MBL) as a cautionary item ▲urging caution for Curve (CRV) investment ▲designation of FTT as a cautionary item and termination of trading support.

DAXA also explained that it had given WEMIX an opportunity to provide explanations before the decision to terminate trading support. DAXA said, "During market monitoring, if a situation is judged to be a crisis rather than a normal market condition, it is considered a matter for joint response and discussions are initiated. Regarding WEMIX, it was also judged as a joint response matter, and after designating it as a cautionary item, the explanation period was extended twice, resulting in a total of 16 explanation sessions over approximately 29 days."

There were also claims that WEMIX’s explanations were insufficient. DAXA pointed out, "During the explanation process, which was conducted keeping all possibilities open, WEMIX failed to provide sufficient explanations and, above all, failed to restore the damaged trust."

Finally, DAXA stated, "We will continue to closely monitor the digital asset market situation to protect investors," and "We will continue to do our best for investor protection and the sound development of the digital asset market."