Upbit and 3 Other Major Exchanges Extend Wemix Investment Caution Designation for 1 More Week

[Asia Economy Reporter Seongpil Cho] Major cryptocurrency exchanges are extending the investment caution period for WEMIX, a cryptocurrency created by Wemade, by an additional week.

Cryptocurrency exchange Upbit announced on the 17th that the designation of WEMIX as an investment caution item has been extended by one more week until the 24th. This decision follows the Digital Asset Exchange Joint Council (DAXA), composed of the five major domestic cryptocurrency exchanges: Gopax, Bithumb, Upbit, Korbit, and Coinone, and will be applied to other exchanges as well.

Previously, on the 27th of last month, DAXA designated WEMIX as an investment caution item. It was confirmed that there was a discrepancy between the WEMIX circulation plan information submitted to DAXA member companies and the actual circulation volume, and investors were not provided with timely and clear information regarding the inaccurate circulation data.

DAXA initially planned to review the submitted explanatory materials over two weeks to decide on the final termination of trading support. However, after extending the caution designation period by one week on the 10th, they decided to extend it further on this day. DAXA stated, "During the explanatory procedure period following the designation of WEMIX as an investment caution item, some errors were found in the submitted materials. To verify the circumstances under which inaccurate materials were prepared and submitted, and to carefully assess the severity of the errors and their impact on market trust, the investment caution designation period will be extended."

Among the five major domestic exchanges, four?Upbit, Bithumb, Coinone, and Korbit?have listed WEMIX, excluding Gopax. When designated as an investment caution item, transfers of WEMIX to these exchanges are halted. While buying and selling WEMIX within the exchange is possible, transferring WEMIX held in wallets on other exchanges to Upbit, Bithumb, Coinone, or Korbit is blocked.

This content was produced with the assistance of AI translation services.