Back in May, a raid at the UpBit’s offices in Seoul raised concerns among the company’s investors and crypto trader of the platform, as the company was accused of misconduct. The trading platform was considered insolvent after the accusations. As Forbes reported yesterday, August 5th, UpBit cryptocurrency exchange managed to prove its integrity before the authorities. As part of the raid South Korea’s financial watchdog, the Financial Services Commission (FSC), along with the Korea Financial Intelligence Unit (KFIU), seized hardware and documents from UPbit to evaluate claims from unknown sources that the exchange was insolvent. South Korean accounting firm Yoojin was tasked with overseeing the audits. The results show company keeps all the investors’ assets and additional financial funds and it’s enough for continuing the work. Hence, UpBit is able to process withdrawals for customers upon the request of its customers and the exchange will continue to release audit reports on a regular basis to prove its solvency. On May 11, the information regarding accusations was published online by the Korea police. After the search and hard disk and accounts checking allegations were not substantiated. |
