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WeMake Withdraws Lawsuits against WEMIX Tokens on South Korean Exchanges

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On February 17, the South Korean game giant WeMake withdrew all the lawsuits against the WEMIX tokens on the exchanges under the Digital Assets Exchange Joint …

WeMake Withdraws Lawsuits against WEMIX Tokens on South Korean Exchanges

On February 17, the South Korean game giant WeMake withdrew all the lawsuits against the WEMIX tokens on the exchanges under the Digital Assets Exchange Joint Advisory Agency (DAXA). Industry insiders said that WeMade submitted the withdrawal notice against Upbit, Bithumb Korea, Coinone and Korbit to the Seoul Central District Court.

WeMade withdrew the lawsuit against Upbit, Bithumb Korea, Coinone and Korbit for removing WEMIX

Interpret the above information:


In the world of gaming, South Korea has been an emerging leader, with various game companies contributing to this country’s economic growth. In particular, WeMake is a prominent player that has been making headlines recently. On February 17, WeMake made news yet again by withdrawing all of its lawsuits against the WEMIX tokens on South Korean exchanges. This move has caught the attention of many industry insiders, who have been speculating about the company’s reasons for this sudden decision.

Apparently, WeMade submitted a withdrawal notice against four exchanges in South Korea – Upbit, Bithumb Korea, Coinone, and Korbit – to the Seoul Central District Court. These exchanges were part of the Digital Assets Exchange Joint Advisory Agency (DAXA), which was supposedly the reason behind the lawsuits. The DAXA was established by the South Korean government to regulate cryptocurrency trading and secure investors’ rights. However, WeMake had claimed that the WEMIX tokens sold on these exchanges were unregistered securities, violating the country’s financial investment laws.

According to industry insiders, this withdrawal could be due to several reasons, such as a settlement behind the scenes or an adjustment in WeMake’s business strategy. For example, WeMake may have realized that continuing the lawsuit against the exchanges could harm the company’s reputation and consumer trust in its products. Alternatively, WeMake could be looking to explore other business opportunities in the cryptocurrency industry and does not want to be associated with controversy or legal battles.

Regardless of WeMake’s reasons, this withdrawal has made headlines in both the gaming and cryptocurrency industries. The decision could have far-reaching consequences for both industries, especially since it involves the legal status of cryptocurrency trading in South Korea. Moreover, it highlights the role of regulatory agencies such as the DAXA in digital asset trading.

In conclusion, WeMake’s decision to withdraw its lawsuit against WEMIX tokens on South Korean exchanges has raised many questions about the company’s strategy and the country’s regulatory system. It shows how the gaming and cryptocurrency industries are becoming increasingly intertwined and the potential legal and reputational risks that come with this.

Overall, the situation emphasizes the need for clear regulations and guidelines to ensure the growth and success of these industries in the future.

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