"Wemade Reports Five DAXA Exchanges to Fair Trade Commission, Alleging Collusion in WEMIX Delisting"

Wemade has reportedly filed a complaint with the Fair Trade Commission against five cryptocurrency exchanges belonging to the Digital Asset Exchange Alliance (DAXA). Wemade claims that the decision to delist WEMIX was a result of collusion.

According to industry sources on the 22nd, Wemade stated, "The five DAXA exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopax, jointly decided to terminate support for WEMIX trading," adding, "This action falls under Article 40, Paragraph 1, Item 9 of the Fair Trade Act, which pertains to 'acts that interfere with business activities or substantially restrict competition,' and has been reported to the Fair Trade Commission."

Previously, these exchanges delisted WEMIX on the 2nd. WEMIX had announced on March 4th, four days after the incident, that approximately 9 billion KRW worth of assets were leaked due to a wallet hack in February. DAXA determined that this delayed response did not meet investor protection standards.

However, Wemade argues that the delisting decision was not independent but rather an unfair collusion agreed upon in advance. Wemade explained, "A substantial collusion structure is formed around the two major exchanges (Upbit and Bithumb), which hold about 98% of the domestic exchange market share, and there are numerous indications that the delisting was discussed in advance."

Furthermore, Wemade emphasized, "The delisting decisions repeated in 2022 and 2025 were announced in the same manner at the same time, which appears to be independent decisions but can clearly be seen as joint actions."

Wemade also argued that "the delisting decision process lacked transparency and procedural fairness, and the project side was not sufficiently given the opportunity to explain," adding, "This issue is not a simple conflict between companies but a public matter for establishing fair competition order in the domestic investor protection and cryptocurrency market."

Meanwhile, on the 12th, Wemade filed an injunction with the Seoul Central District Court to suspend the effect of the delisting against the four exchanges, excluding Upbit. The first hearing for this case is scheduled for the 23rd.