Court Rules in Favor of Upholding Decision to Delist WEMIX

On December 7, 2022, the Seoul Central District Court has dismissed the injunction application filed by Wemade Co., Ltd. (Wemade), the issuer of the cryptocurrency Wemix (WEMIX), against four virtual asset exchanges under the Digital Asset Exchange Association, including Upbit, Bithumb, Coinone, and Korbit, regarding the suspension of Wemix trading support, delisting.

In the present case, Wemade argued that the four virtual asset exchanges had arbitrarily decided to suspend trading support for WEMIX without any valid reasons, claiming that it was an abuse of discretionary power and constituted an unlawful concerted action prohibited by the Fair Trade Act, among other arguments.

Lee & Ko, representing three of the four virtual asset exchanges, including Upbit, Korbit, and Coinone, successfully refuted these claims and led to a victory in court. They particularly emphasized the legitimacy of the reasons for suspending trading support, citing investor protection and the adherence to proper internal procedures within the virtual asset exchanges.

Lee & Ko’s notable expertise in cryptocurrency-related cases, including our previous victory in the AnimalGo and Pica Project’s injunction against the suspension of trading support, demonstrates our outstanding capabilities in the virtual asset legal market. The success in this case further showcases Lee & Ko’s leading position in the field.