UPbit Audit: South Korea’s Exchange is not a Scammer

Upbit did not swindle its balance sheet and deceive investors: results of an audit of the cryptocurrency holdings has been revealed 
15 May 2018   1822

An official police checking into UPbit, the country’s largest cryptocurrency exchange, by the Financial Supervisory Service (FSS), Korea Financial Intelligence Unit (KIU) and local police is going on. Last week, the South Korean police entered the UPbit headquarters to study the practices of the exchange after receiving tips that the company has been operating cryptocurrency deals without actually holding user funds. The local police charged UPbit on processing its order books without keeping cryptocurrencies and feigned that it had large amounts of user funds in Bitcoin, Ethereum, and other cryptocurrencies.

Nevertheless some insider springs have contended that the investigation connected with a problem of liquidity as UPbit only processed wallets of around 90 cryptocurrencies even though the exchange has 130 cryptocurrencies added on the platform.

Users of the 30 cryptos on UPbit that are yet see independent wallets integrated by the exchange, cannot invest or withdraw the tokens directly from UPbit and have to exchange the assets to other cryptocurrencies like Bitcoin and Ethereum before withdrawing. The lack of wallet support for dozens of cryptocurrencies caused the investigation and the government accusing UPbit of inflating its balance sheet.

Inspite the ongoing investigation, UPbit has been completely operational and continued to process trades for its users. Focused on the audit report of Yoojin, it is highly likely that the government investigation into UPbit will be finished with a simple issue in liquidity and if the report of Yoojin is accurate, UPbit will not endure from any consequence from the recent case as it occured from a simple misunderstanding of UPbit’s wallet structure.

SEC Chairman to Speak About BTC Listing

It looks like Bitcoin listing on the tradional exchanges won't happen in the nearest future
20 September 2019   149

Chairman of the US Securities and Exchange Commission (SEC) Jay Clayton said that bitcoin needs more regulation for listing on large exchanges. It is reported by CNBC.

If [investors] think there’s the same rigor around that price discovery as there is on the Nasdaq or New York Stock Exchange ... they are sorely mistaken. We have to get to a place where we can be confident that trading is better regulated.
 

Jay Clayton

Chairman, SEC

He was talking about listing conditions for bitcoin itself, and not derivatives, such as CME futures.