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   1441

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.

Binance Android App to Support CC Payments

Additionally, crypto-fiat exchange Binance Singapore was launched
25 April 2019   61

Binance has updated the application for the Android OS. Now users can buy cryptocurrency using their credit cards.

In particular, the feature of buying Bitcoin, Ethereum, Ripple, Litecoin and Bitcoin Cash with your credit card is now available.

At the same time, the launch of the Binance Singapore crypto-fiat exchange took place. So far, only one trading pair is available to users of the site - BTC / SGD, but later in the listing other coins may appear.

Singapore users need not only to create an account, but also to link it to an account in the local Xfers payment service, which provides cryptowallet approved by local regulators.

It is noteworthy that earlier Xfers was a partner of Coinbase, when the latter launched its services in Singapore, but relations between the companies were terminated.