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Photo = Yonhap news |
[Alpha Biz= Kim Jisun] Wemade announced on May 22 that it has formally filed a complaint with the Korea Fair Trade Commission (KFTC) against virtual asset exchanges affiliated with the Digital Asset eXchange Alliance (DAXA) — including Upbit, Bithumb, Coinone, Korbit, and Gopax.
Wemade claims that DAXA members’ decision to terminate support for trading of WEMIX, its native cryptocurrency, constitutes a violation of Article 40, Clause 1, Item 9 of the Monopoly Regulation and Fair Trade Act. This provision prohibits actions that interfere with business activities or substantially restrict competition in a specific market.
The company argues that Korea’s virtual asset exchange market is effectively monopolized by two major exchanges, together holding about 98% market share, and that there exists a collusive structure within DAXA. Wemade contends that the decision to delist WEMIX was pre-discussed and jointly determined, suggesting signs of coordinated behavior among the exchanges.
Wemade is seeking regulatory review of what it considers anticompetitive conduct, which it believes has unfairly impacted the trading and availability of WEMIX tokens on major platforms.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
