South Korea’s fiver major cryptocurrency exchanges, Upbit, Bithumb, Coinone, Korbit and Gopax, will be delisting the blockchain gaming token WEMIX on June 2, 2025 due to the ongoing concerns over security and issuer reliability.
Delisting Decision
The Digital Asset Exchange Association (DAXA) that represents these exchanges has cited a detailed review of reliability and security standards which conclude that WEMIX does not meet the necessary criteria and hence will be delisted by the exchanges from the next month.
Security Concerns and Regulatory Issues
The recent delisting decision has come right after the cyber attack that happened on February 28, 2025, in which around 8.65 million WEMIX tokens (worth about $6.38 million) were withdrawn. This incident along with the delayed disclosure by the issuer Wemade, triggered a regulatory inspection and this damaged the investor confidence.
Even though Wemade made efforts to implement investor protection measures, such as buyback programs, burning of the tokens, DAXA determined these actions to be insufficient to resolve the risk factors that stood right in front of the project.
Previous WEMIX Delisting and Relisting
This is not the first time WEMIX has faced delisting. The token was said to be removed from the South Korean exchanges in December 2022 due to inaccurate reporting of its circulating supply and transparency issues. At that time, the exchanges stated that Wemade had failed to disclose the number of token outstanding which is a critical factor for maintaining market trust and for determining the price of the token.
There were a few legal complications but with some corrective actions, WEMIX was relisted on the exchanges in 2023. This was one of those rare cases where the token was delisted and then delisted in Korea.
Impact on WEMIX Price and Wemade’s Business
With the current delisting announcement, WEMIX’s price has taken a hit as the price has dropped down by over 45% in the last 24 hours.
At press time, the price of the token stands at $0.3945 with a significant dip of 46.9% in the last 24 hours as per CoinGecko.
This delisting announcement is expected to impact Wemade’s blockchain business strategy as most of its trading takes place in Korea. Wemade wants to get listed on other global exchange, but the token will not be allowed back on Korean exchanges for at least a year.
Also Read: US Proposes Ban on Huione Group Over $4B in Illegal Transactions
