Wemix, Delisted from Daxaso, Listed on Domestic Exchange Gidac

Bitcoin and Ethereum Market Listing
"Listing is the Exchange's Authority, Only Responsible for That"

[Asia Economy Reporter Lee Jung-yoon] WEMIX, which was delisted (trading support terminated) on virtual asset exchanges belonging to the Digital Asset Exchange Association (DAXA), including Upbit, Bithumb, Coinone, and Korbit, has attracted attention by being listed on another domestic exchange, Gidac.

According to industry sources on the 9th, Gidac announced the listing of WEMIX through a notice on its homepage the previous day. WEMIX was listed on the Bitcoin and Ethereum markets, with deposits and trading starting from 5:30 PM the previous day. Since Gidac does not operate a KRW market, WEMIX trading is only possible through virtual assets such as Bitcoin.

WEMIX was suspected of having an actual circulating supply different from the planned amount, and was eventually delisted from exchanges affiliated with DAXA. The Seoul Central District Court Civil Division 50 (Chief Presiding Judge Song Kyung-geun), which dismissed the injunction to suspend the effect of the trading support termination decision, stated, "The issuer can generate significant profits by circulating virtual assets at market prices beyond the planned circulating supply without paying any additional consideration, while investors suffer unpredictable losses such as price declines. Exchanges can only check the circulating supply based on information submitted by the issuer, and if problems are found during this process, it is necessary to request explanations from the issuer of the virtual asset and take appropriate measures in a timely manner from the public interest perspective of 'investor protection.'"

Due to distrust regarding the circulating supply, which directly affects the price, the decision to delist was made, and the industry expects that it will be difficult for other exchanges to list WEMIX easily after trading support termination. Although listing WEMIX could bring benefits such as fee revenue and investor inflow, exchanges face greater risks.

However, Gidac stated that its review committee decided to list WEMIX after examining the facts of the review, investor protection, and industry revitalization aspects. Additionally, Gidac operates various procedural elements to clarify listing procedure standards such as the digital asset issuer’s pledge and the issuer’s responsibility areas. Han Seung-hwan, CEO of PeerTech, which operates Gidac, explained the reason for the listing, saying, "Since November 24, when the delisting notice was received from DAXA, the facts of the review have changed, and the listing review was conducted based on this. A minimum deposit, withdrawal, custody support, and a minimum trading market are necessary for investors."

Professor Hong Ki-hoon of Hongik University’s Department of Business Administration said, "There is no reason for other exchanges to follow DAXA’s decision if they are not affiliated exchanges," but added, "Listing is an exclusive right of the exchange, and they just need to take responsibility for it."

Meanwhile, as of 9:30 AM on the same day, the price of WEMIX on Gidac’s Bitcoin market was traded at 0.000018 Bitcoin (approximately 412.24 KRW), down 0.17% from the previous day. This is higher than the price of $0.2988 (approximately 393.31 KRW) aggregated by the global virtual asset market data site CoinMarketCap.