While the crypto space sees remarkable rallies as Bitcoin targets the $97,530 resistance, the situation was different among WEMIX holders.

South Korea’s top 5 exchanges, under DAXA (Digital Asset Exchange Alliance), announced they would halt trading of the Wemade blockchain gaming native coin from June 2, 2025.

South Korea’s top five exchanges will suspend WEMIX trading starting June 2, causing the token to briefly plunge over 60% to $0.2757 before rebounding to around $0.36. This marks the second collective delisting of WEMIX. The DAXA exchange alliance cited failure to meet listing

Notably, DAXA houses some of the most prominent exchanges in South Korea – Bithumb, Korbit, Coinone, Upbit, and Gopax.

These trading platforms dominate the local trading volumes, and their collective decision visibly affected WEMIX’s price action.

The alt saw a sharp 60% dip to explore the $0.2757 low following DAXA’s announcement.

Meanwhile, this is not the first time South Korea’s leading exchanges have delisted the altcoin.

WEMIX encountered its initial coordinated suspension in late 2022.

The DAXA had raised alarms over incorrect data related to WEMIX’s circulating supply (at the time).

Nevertheless, the project’s team secured relisting in early 2023 after multiple fightbacks that included public apologies and legal appeals.

Despite corrective efforts such as transparency updates and internal reforms, DAXA has pulled the plug again, citing WEMIX’s failure to satisfy listing maintenance standards.

While the exchanges didn’t detail the listing ethics, the second delisting reflects massive concerns, potentially related to the asset’s tokenomics, project management, and long-term performance.

For investors, the latest news reminds the risks related to exchange dependence when dealing with highly regulated markets.

DAXA’s unified measures mean that failure to satisfy one exchange often calls for exclusion from the top five trading platforms.

WEMIX’s future remains uncertain. The second delisting might trigger increased scrutiny from other exchanges.

Also, the event could catalyze debates over exchanges’ transparency and power.

With DeFi revolutionizing the financial world, some users might call for decentralized delisting and listing procedures to prevent joint actions that can crash asset prices within hours.

Responding to the latest delist incident the WEMIX team stated:

Efforts are underway to mitigate the impact of this development and support a return to operational stability.

The native token trades at $0.3572 after rebounding from its earlier lows.

The bounce-back likely reflects increased activity as traders look to capitalize on the prevailing volatility.

The daily trading volume has increased by nearly 1,800%, highlighting amplified trader activity.

Despite the relief surge, WEMIX has massively deteriorated, with its reputation damaged in the long term.

The alt could lose most of its active users in South Korea.

Going forward, the WEMIX team will rely on its global support and international exchange listings.

Meanwhile, the asset’s future in South Korea remains clouded unless it regains DAXA’s trust, which might take months or longer.

Further, the Wemade gaming ecosystem boasts massive resources.

It was among the first recognized game developers to venture into the blockchain space.

The crypto community will watch how the gaming firm navigates the latest delisting wave.

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