The cryptocurrency market, known for its volatility and unpredictability, recently showcased this through the delisting of WeMade's cryptocurrency, Wemix, by the South Korean exchange GDAC. Citing lack of marketability and legal issues, GDAC announced the delisting effective March 29, with trading halting on that date and withdrawals stopping on April 29.
WeMade faced allegations of operating a cryptocurrency wallet and exchange without proper registration, currently under investigation by the Financial Intelligence Unit. Previously, GDAC had a close relationship with WeMade, even relisting Wemix in December 2022 after it was delisted from major exchanges, acting as a "white knight." However, this relationship changed significantly after Wemix's node operation partner withdrew in February, leading to the delisting decision a month later.
This decision is expected to significantly impact the cryptocurrency market, especially considering that Wemix had been relisted on several exchanges last year, normalizing its trade in South Korea. The event highlights the market's ongoing evolution and the importance of adaptability, risk management, and continuous information updates for investors and participants. Cryptocurrency market challenges, such as this delisting, are seen as part of its maturing process.
