Chinese language crypto information blogger Collin Wu disclosed that many crypto initiatives had been compelled to pay multi-million to get a profitable itemizing of their tokens on the highest South Korean crypto exchanges.
Abstract
- Bithumb & Upbit accused of taking thousands and thousands for itemizing tokens.
- No response by the executives of those exchanges.
- Upbit imposed a transaction ban on some crypto accounts.
South Korea is a really huge market for the crypto Business, as a really huge share of the inhabitants invests in digital property. All the highest monetary regulatory our bodies regulate the crypto sector to make sure the prohibition of the entry of unhealthy actors in crypto-related monetary actions. These regulators are the Monetary Providers Fee (FSC), Monetary Intelligence Unit (FIU), Korea Truthful Commerce Fee (KFTC), Ministry of Science and ICT (MSIT), and Nationwide Tax Service (NTS).
On 20 March 2025, Collin Wu, a Chinese language crypto information blogger, reported that 4 crypto initiatives disclosed that they paid thousands and thousands of {dollars} to the intermediaries of high crypto exchanges in South Korea to record their corresponding tokens.
Collin Wu stated that he reached out to 7 crypto initiatives. 4 out of them stated that they paid a charge starting from 3% to five% of the overall token quantity to the intermediaries to get listed on the Upbit crypto change efficiently. In correct figures, they paid roughly US$10 million and US$2 million to Upbit and Bithumb, respectively.
The intermediaries who took bribes had been Upbit’s shareholders and market makers.
Right here Bitcoinik.com readers have to know that Wu reached out to solely 7 crypto initiatives & 3 of them clearly denied paying any charge for itemizing the token.
So right here, we will’t name it misconduct by the crypto exchanges, however a radical investigation into this unethical act is necessary now.
To this point, no response has come to the general public area by the officers of any of the accused crypto exchanges, however it is going to be attention-grabbing to see the clarification on this matter.
Earlier, comparable sorts of accusations had been confronted by Coinbase & Binance, however many crypto initiatives defended these crypto corporations in opposition to accusations & referred to as the allegations faux.
FIU Motion Towards Upbit
In Feb 2025, The Monetary Intelligence Unit (FIU) imposed a regulatory motion in opposition to the Upbit crypto change, citing the breaches of KYC obligations.
The FIU’s investigation discovered 34,777 KYC violations and flagged 5,785 instances the place customers offered incorrect or lacking deal with particulars.
As part of the motion, Upbit confronted a short lived ban on new consumer crypto transfers between March 7 and June 6, 2025.
Nevertheless, the Upbit change proprietor challenged this regulatory motion in court docket, however nonetheless, no leisure got here for the change.
On 20 March 2025, this crypto change imposed restrictions on some crypto accounts suspected of operating Ponzi schemes.
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