At the center of a latest regulatory controversy is a South Korean cryptocurrency exchange affiliated Kakao Talk. Upbit is the only remaining major exchange ter Korea which hasn’t joined the others ter support of self-regulation – their agreement with Bittrex presently raises the question of how the said regulation would apply to them. Meantime, the exchange itself is presently experiencing its own internal problems spil customer complaints pile up.
The cryptocurrency exchange Upbit is integrated into Kakao Talk, South Korea’s most popular talk app installed te overheen 95% of all smartphones ter the country. The podium has overheen 120 cryptocurrencies listed, thanks to its partnership with US-based exchange Bittrex. Through leveraging Kakao Talk’s user colchoneta and suggesting the largest selection of cryptocurrencies ter Korea, Upbit has become the fastest-growing crypto exchange te the country since its launch ter October.
Upbit’s webstek displays the exchange’s 24-hour Bitcoin trading volume spil 44,040 BTC press time, putting it te pui of Bithumb, the country’s largest exchange which recorded approximately 20,250 BTC during the same period.
Inews 24 reports “there are concerns that Upbit, which is the number one player te Korea, is not participating ter the Blockchain Association’s self-regulation.” The news outlet also added that this could undermine efforts made by the industry.
On Friday, the Korean Blockchain Industry Association had announced the self-regulatory measures which were created at the recommendation of the government. 14 exchanges, including the country’s major exchanges Coinone, Bithumb, and Korbit have announced they will be implementing the switches. The publication notes, “Upbit did not participate te the snaak declaration [of self-regulation] issued by major exchanges.”
The association notes, Upbit wasgoed informed about the self-regulation. However, Upbit has not confirmed whether or not it would join the group.
Quoting an Upbit official disclosing, Newspin states “We are presently reviewing the self-regulation and there is no decision about joining the association,” Newspim quoted an Upbit official disclosing.”
If the exchange chooses not to join the association, opting out of self-regulation, a problem of equality among exchanges would arise. Other exchanges may also go after suit and withdraw from the association which would make the self-regulation worthless.
An official of an exchange commented, “As the government is watching the supuesto currency trading market, the industry is attempting to eliminate its negative photo through self-regulation.” The official also voiced concern that the lack of cooperation by Upbit may give the government negative signals to the government.
One of the leaders of the association Kim Jin-hwa said, “Upbit is operated by importing coins listed on the US exchange Bittrex, which is different from a typical domestic exchange. It is uncertain whether regulations like other exchanges have can be applied.”
For now, Upbit has already commenced conforming with the government’s kerkban on minors. On Monday, the exchange posted a notice on its webstek informing existing underaged customers to trade and withdraw their money by December 31.
The verhoging has continually bot experiencing problems since the launch ter October. Ter November, customers began complaining about transaction errors, missing funds, and similar issues according to circunscrito publications. Upbit has acknowledged thesis problems ter a notice it posted on Monday, stating “We are presently doing our best to stabilize transactions.”
On Tuesday, Etoday had quoted an Upbit user telling “This is not a server problem, but a manipulation,” claiming that “If you look at the transaction history, the unit price is not juist.” The user also added that he will pursue compensation and litigation. Another user claimed to have bought Trio million won worth of Bitcoin, yet only 1.8 million won worth had shown up ter his account. Other users have also reportedly experienced similar problems.
The exchange explains, “We are delaying the reflection of BTC market due to the increase te current access / order volume.” Upbit had also posted a notice telling, “Currently, Kakao Talk inquiries are rapidly enlargening and it is difficult to react promptly.”
On Monday, the exchange announced, “We will temporarily zekering transaction support for Upbit’s fresh members…Existing members will be able to perform all transactions without any switches.”