Wemade Co. Ltd. announced on Sunday that Binance’s institutional services will be taking custody of WEMIX, its native cryptocurrency, as part of the ongoing legal dispute between blockchain game makers and local cryptocurrency exchanges in South Korea.
See Also: South Korean Court to settle legal dispute between MIR4 maker and MIR4 distributor Wemade WEMIX
Quick Facts
- The largest cryptocurrency exchange globally, Binance Custody, will be overseeing WEMIX’s circulation volume starting next week, according to Wemade.
- Approximately 70% of WEMIX’s total supply will be managed by the company, which accounts for 92% of the cryptocurrency still in circulation. The remaining tokens are tied to smart contracts or other entities, Wemade said.
- The blockchain gaming firm behind MIR4 has been aiming to increase transparency in its controversial token circulation, a key point in their legal battle against the four major exchanges in South Korea: Upbit, Bithumb, Coinone and Korbit.
- On November 24, Digital Asset eXchange Alliance (DAXA), a group of four local exchanges, declared the delisting of Wemade cryptocurrency, citing incorrect reporting of circulation numbers.
- The announcement had a significant effect on WEMIX shares and prices, and Wemade CEO Henry Chang accused Upbit of abusing its power. Chang admitted his company had misstated the circulation data.
- Last week, Wemade filed injunctions against the exchanges in an effort to prevent WEMIX from being delisted. The Seoul Central District Court is expected to make its final ruling on the injunction on December 7, one day before the scheduled delisting.
- In the meantime, Chang plans to commit to quarterly “Ask Me Anything” conferences, according to local media reports.
See Also: South Korea’s Wemade Files Injunction Against Country’s Top 4 Crypto Exchanges