Seoul court sides with crypto exchanges to delist Wemix

Wemade's headquarters in Seongnam, Gyeonggi, on Thursday. [YONHAP]

The Seoul Central District Court sided with crypto exchanges on Wednesday evening, dismissing Wemade’s request to cancel a decision made last month by local crypto exchanges to delist Wemix tokens from their services.

The verdict comes a week after Wemade challenged a decision made last month by the Digital Asset eXchange Alliance (DAXA), a trade group representing Korea’s five crypto exchanges, to delist Wemix from their services.

The exchanges — Upbit, Bithumb, Coinone, Korbit and Gopax — said they will stop the trading of Wemix coins on Dec. 8 at 3 p.m. Owners will be able to withdraw their money for a month after trading ends.

Wemade made a complaint to the Seoul Central District Court requesting the decision be revoked, and the court said last Friday that it will have a ruling by Wednesday, the day before DAXA’s ultimatum.

The price of Wemix tokens nosedived 50 percent after news broke, trading at 600 won ($0.45) on Wednesday night and 270 won as of Thursday morning.

The shares of Wemade, the company that issues Wemix, had closed at the same price as the previous day on Wednesday at 37,700 won as investors remained cautious about the possible outcome from the court. It plunged 21 percent Thursday morning to 29,650 won intraday.

BY YOON SO-YEON [yoon.soyeon@joongang.co.kr]