Five major exchanges in South Korea will delist WEMIX, causing a short-term drop of 60%

According to Foresight News, five South Korean cryptocurrency exchanges, Upbit, Bithumb, Coinone, Korbit, and Gopax, have announced plans to delist Wemade's blockchain platform, WEMIX, on June 2nd. Token withdrawals will be terminated on July 2nd. Affected by this news, WEMIX fell 60% to 0.25 USDT for a short period of time, and now has slightly rebounded to 0.38 USDT. The decision regarding a specific token was made through the South Korean Digital Asset Trading Association (DAXA), whose members include these five platforms. DAXA believes that the Wemix Foundation has not adequately addressed the issues that led to its designation as a cautious cryptocurrency for investment, and after a comprehensive review of the credibility and security of the issuing entity, it has been determined that the asset does not meet the standards for maintaining trading support.