Upbit pays users for reports of illegal crypto activities

South Korean exchange Upbit started a bounty program for the users to report fraudulent ICOs and crypto scams
28 March 2018   358

With the cryptocurrencies gaining popularity various fraudulent schemes has been in upswing too. And now the largest South Korean exchange Upbit launched a reward system for users who report such schemes.

Upbit has created the reward system for the platform users to report fraudulent ICOs and illegal scams posing as cryptocurrencies. The aim of such a campaign is to “prevent damage due to illegal fraud and to create a sound cryptocurrency ecosystem”. The exchange asks all of its users to participate in the program in order to fish out the scammers and clean up the stage for the real ICOs to shine.

The reward program has been launched just recently and is already providing the results, confirming that it indeed works. At this time, more than 20 cases of fraud were reported to the police.

If several witnesses or victims report the same ICO or currency offering, then the cash award will go to the first reporter of the illegal case. The reward Upbit pays for the original compliant is 1 million won, which is approximately $930. A good incentive for a good cause, you may say. The campaign on Upbit will be held for a year, ending in March 2019.

And yesterday, Upbit's rival exchange Bithumb has started to distribute brochures with the information about common scam schemes and how to prevent the damage from them in easy to understand format, aimed at common user base.

Largest Korean Exchange to Open Singapore Office

The decision of Dunamu (Upbit's operator) to enter the Singapore market was influenced by the positive approach of the Monetary Authority of Singapore
20 September 2018   273

The operator of the leading South Korean cryptocurrency exchange Upbit, Dunamu, announced its intention to open another trading platform in Singapore in October. This is reported by CCN.

In a statement, Alex Kim, CEO of Upbit Singapore, said that users from Singapore will be able to trade all the cryptocurrencies, an integrated by partner exchange. The new platform will have a 24-hour security monitoring system.

He also noted that the decision of Dunamu to enter the Singapore market was influenced by the positive approach of the Monetary Authority of Singapore (MAS) to regulation, as well as the desire of the country's government to create a powerful crypto and blockbuster industry.

Upbit is supporting the trading pairs with the Korean won since mid-2017 and intends to support the Singapore dollar after the opening of the new exchange. This suggests that the exchange has strong banking partners in the country that can support demand and interest in cryptocurrencies.

We felt the timing was right to expand globally despite various uncertainties surrounding the Korean market. One of the key functions of a crypto-asset exchange is to connect the real economy to cryptocurrencies, and we believe we can provide this bridge between Korea and the global market. We hope the blockchain regulatory guidelines will be established soon in Korea so that companies here can continue to grow their competitiveness.

Sigroo Lee

CEO, Dunamo

Upbit is a division of the South Korean technological giant Kakao. The launch of this trading platform took place in October 2017, and in this short time the exchange managed to become the 11th largest trading company in the world. Currently, the daily turnover of Upbit is about $ 160 million