South Korea’s biggest exchange, Upbit, comes around the allegations. Audit reports in favour

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August 5, 2018 by
South Korea’s biggest exchange, Upbit, comes around the allegations. Audit reports in favour

UPbit, the biggest South Korean crypto exchange has effectively negated all allegations brought versus it after the release of audit record. The audit record of clearance has actually been released on Fourth August, 2018, therefore, supplying UPbit with a sense of break.

The neighborhood authorities started raiding the exchange on 11th May, 2018 believing filled with air volumes and mishandling of annual report. On the grounds of complaints by anonymous sources, Korea Financial Knowledge Unit [KFIU] and also South Oriental watchdog, Financial Services Payment collect hard drives, information and also accountancy details. The exchange was charged of being financially troubled by those unknown entities.

See also: IOTA now on South Korea’s biggest exchange UPbit; IOTA Hub launched

At that time, Yoojin, among the popular accounting companies of South Korea was appointed by crypto exchange for verifying its holdings. The neighborhood media has commented, “Since very early 2018, UPbit developed pictures of its multi-signature wallets and funds stored within them for bookkeeping functions. Yoojin bookkeeping company, a major accounting firm based in Seoul, confirmed that of the funds on the UPbit system match the cryptocurrency holdings of UPbit saved in its multi-signature purses.”

Last clearance report
In spite of the explanation and clean chit given by Yoojin, the South Korean government failed to know the authentication of this exchange. Dunamoo is Kakao’s subsidiary firm which is the main net organisation that is in charge of running KakaoTaxi, KakaoPay and several other solutions in South Korea. In this situation, Dunamoo has released a record on 4th August, 2018 referring to Yoojin’s audit outcomes.

According to a record by CCN, the president of Dunamoo, Lee Seok-woo has commented, “UPbit currently has the exact quantity of money held by the platform’s financiers together with added funds, sufficient to compensate every investor. Thus, UPbit has the ability to process withdrawals for customers upon the request of its customers as well as the exchange will certainly remain to launch audit reports regularly to prove its solvency.”

See also: UPbit, South Korea’s leading crypto exchange under scrutiny

With the launch of the outcomes of audit report conducted by Yoojin, the exchange might take a sigh of alleviation 3 months back. However, without the main affirmation as well as clearance from KFIU as well as Dunamoo, the investors were skeptical concerning the balance sheets and also hesitant concerning the procedure of the South Korea based exchange. However, the 4th August published Dunamoo’s official declaration nullified all the false claims as well as complaints against UPbit, thus, confirming the exchange, solvent.

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