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Wemade in talks with Binance for WEMIX custody

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Wemade Co. Ltd. said it is in talks to have Binance Institutional Services take custody of its native cryptocurrency, WEMIX, amid the South Korean blockchain game maker’s legal dispute with local cryptocurrency exchanges.

See related article: S.Korea court to settle MIR4 maker Wemade, WEMIX legal battle

Fast facts

  • Wemade said in an updated statement: “WEMIX Foundation is in close communication with the team at Binance Institutional Services to complete the onboarding process to Binance Custody, a key part of Binance Institutional Services.”
  • In a Wemade statement on Sunday, the company said the custody service could start as early as next week.
  • However, Binance asked Wemade to correct their statement to say the talks continue and no agreement has been reached. A spokesperson for Binance told Forkast Monday evening that no date has been set for concluding the talks.
  • Wemade said it aims to have about 70% of WEMIX’s total supply, or 92% of the cryptocurrency not in circulation, to be held by Binance Custody, while the rest are either bound to smart contracts or to external entities, according to Wemade.
  • Wemade, the blockchain game specialist behind the popular play-to-earn role-playing game MIR4, has been attempting to improve the transparency of its token’s circulation, which has been a primary subject in the company’s legal battle against four of the largest exchanges in South Korea: Upbit, Bithumb, Coinone and Korbit.
  • On Nov. 24, the four exchanges that make up the local industry monitoring group, the Digital Asset eXchange Alliance (DAXA), vowed to delist Wemade’s cryptocurrency, citing inaccurate reporting of circulation data.
  • The prices of WEMIX and shares of the game developer’s subsidiaries suffered heavy losses following the news. Wemade Chief Executive Officer Henry Chang accused Upbit, the largest exchange in the country, of abusing its power. Chang has admitted that his company misreported circulation data.
  • Last week, Wemade filed injunctions against the exchanges to invalidate their decision to delist WEMIX. The Seoul Central District Court is expected to finalize its decision the issue on Dec. 7, a day before the planned delisting.
  • Meanwhile, Chang is planning to commit to quarterly “Ask Me Anything” conferences, according to local media reports.
  • (This story was updated to show talks continue on the custody process.)

See related article: S. Korea’s Wemade files injunction against country’s top 4 crypto exchanges



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