South Korea’s Top Exchanges Face Antitrust Heat for Wemix Delisting

WeMade, a well-known South Korean video game developer, filed an antitrust complaint against the leading crypto exchanges in the country for delisting WEMIX WEMIX $0.74 24h volatility: 2.0% Market cap: $312.26 M Vol. 24h: $1.72 M , the native token of its blockchain gaming ecosystem.

According to a report by MLex, WeMade accuses the Digital Asset Exchange Alliance (DAXA), a coalition of Upbit, Bithumb, Coinone, Korbit and Gopax exchanges, of conspiring against its blockchain gaming ecosystem’s native token.

The complaint has been filed with the Korea Fair Trade Commission (KFTC).

Per the report, the complaint says that the exchanges worked together to remove WEMIX, which breaks South Korea’s fair trade law — Article 40 of the Monopoly Regulation and Fair Trade Act.

WeMade’s argument suggests that the lack of procedural transparency and the joint announcement from the top five Korean exchanges prove their coordination.

The report, however, states that the DAXA members claim they made independent decisions based on their own standards.

The leading Korean exchanges announced that WEMIX will be delisted from the platforms on June 2, allowing withdrawals until July 2.

This is the second time WEMIX is facing delisting in the country.

WEMIX Faces Steep Decline

DAXA claims that the $6.6 million theft in late February (8.6 million WEMIX tokens) is the main reason for delisting the asset.

This is a major setback for WeMade and its Web3 gaming ecosystem, which heavily depends on the WEMIX token.

WEMIX lost over 70% of its value over the past year and is down by 98.5% from its all-time high of $24.7 on Nov. 21, 2021 — its market cap reached $2.4 billion. The token is currently trading at $0.37.

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