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Photo = Yonhap news |
[Alpha Biz= Paul Lee] The Digital Asset eXchange Alliance (DAXA), a coalition of major South Korean cryptocurrency exchanges, issued a statement on May 15 clarifying that it had no role in the recent delisting of WEMIX, a virtual asset issued by gaming company Wemade.
In the statement, DAXA said, “Decisions regarding the termination of trading support (delisting) are not made by DAXA. We do not intervene in the individual decisions of our member exchanges regarding asset listings.”
The clarification came in response to circulating rumors that DAXA had orchestrated the delisting of WEMIX from major domestic exchanges. The organization stressed that such decisions are at the sole discretion of each member exchange and that this has been affirmed by multiple court rulings.
“Each exchange must retain discretion to assess and determine whether to continue trading support for an asset, and in principle, such decisions should be respected unless exceptional circumstances arise,” the statement read.
DAXA emphasized that its role is limited to facilitating communication between token issuers and its member exchanges, and to coordinating the timing of public announcements. The joint response framework within DAXA includes two key components:
Simultaneous communication: When multiple member exchanges support a token, they jointly engage with the issuer to ensure balanced access to information.
Coordinated disclosures: Each exchange makes its own listing decision independently, but public announcements are made simultaneously to prevent market confusion.
“These steps are designed solely to prevent information asymmetry and minimize market disruption,” DAXA stated. “However, the judgment and final decisions rest entirely with each individual exchange.”
Meanwhile, WEMIX is set to be delisted again on June 2, after having previously been delisted in 2022 and subsequently re-listed. Wemade has filed an injunction with the court to suspend the latest delisting decision.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
