WeMake drops lawsuit against WEMIX tokens in South Korea
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 …
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
Interpretation of the news:
WeMake, a South Korean game giant, has recently withdrawn all lawsuits against WEMIX tokens on various exchanges under the Digital Assets Exchange Joint Advisory Agency (DAXA). The company submitted the withdrawal notice against Upbit, Bithumb Korea, Coinone, and Korbit to the Seoul Central District Court.
Industry insiders believe this decision by WeMake was influenced by the recent changes in the regulatory environment of cryptocurrency in South Korea. The government has been making efforts to regulate the cryptocurrency industry by implementing tighter KYC/AML regulations, taxation policies, and a license system for cryptocurrency exchanges.
This withdrawal of lawsuits against WEMIX tokens by WeMake indicates the company’s willingness to cooperate with the regulatory authorities and seek compliance in the cryptocurrency industry. The decision also sheds light on the sensitivity around the legality of tokens issued by companies in the gaming industry.
WEMIX tokens were initially launched in 2018 by WeMake as a way to reward players for engaging in various online games offered by WeMake. The tokens were supposed to encourage users to stay engaged with the games and offer them rewards in the form of tokens, which could be converted into fiat currency or other cryptocurrencies.
However, the legitimacy of these tokens has been under scrutiny from the South Korean regulatory authorities for a long time. The Financial Services Commission (FSC) of South Korea has previously raised concerns about the lack of clarity around the status of such tokens under the country’s existing regulations.
In conclusion, WeMake’s decision to withdraw its lawsuits against WEMIX tokens sends a positive message about the company’s willingness to seek clarity and compliance in the cryptocurrency and gaming industry. It also highlights the importance of regulatory compliance in an industry that has faced several controversies and legal challenges in the past.
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