The institutional custody services of Binance, the biggest cryptocurrency exchange in the world, known as Binance Custody, will assume custody of Wemade’s native cryptocurrency known as WEMIX. This decision was made in the midst of a legal dispute between a blockchain game creator based in South Korea and bitcoin exchanges located in the region.
According to Wemade Co. Ltd., Binance Custody will begin managing WEMIX and verifying its circulation volume beginning the next week. In addition, Binance Custody will be responsible for managing 70 percent of WEMIX’s total supply, which accounts for 92 percent of the coin that is not currently in circulation.
The remainder, on the other hand, are either tied to smart contracts or other external organizations. Wemade entered the scene as a result of the contentious circulation of its token, which resulted in a legal struggle against four of the most significant cryptocurrency exchanges in South Korea, including Upbit, Bithumb, Korbit, and Coinone.
When Wemade was seeking to enhance the level of anonymity associated with the circulation of its tokens, everything got started. Almost immediately after that, the four different exchanges came together to establish the regional industry watchdog body known as the Digital Asset Exchange Alliance (DAXA).
After that, DAXA issued the announcement that it will delist the cryptocurrency that Wemade had created, alleging false reporting of circulation statistics as the reason. As a direct result of the announcement, both the price of WEMIX and the share price of Wemade fell significantly. Henry Chang, the Chief Executive Officer of Wemade, has accused Upbit, the biggest cryptocurrency exchange in the nation, of misusing its position. However, Chang has confessed that his business lied about the number of copies that were distributed.
The decision to delist Wemade was challenged in court by Wemade last week, and the exchanges were served with injunctions. On December 8, a day before the removal from the registry is scheduled to take place, the Seoul Central District Court is scheduled to make a decision about the case.
In the meanwhile, Chang is making preparations to participate in “Ask Me Anything” Conferences on a quarterly basis. Subscribe to The Crypto Times for more cryptocurrency market news to stay up with the most recent events in the industry.
Compiled by Coinbold