South Korean exchange Upbit opposes entirely the claims that it levies listing fees on tokens. Upbit released a formal statement declaring its refusal to charge listing fees. The exchange demanded the source to support its allegations through actual evidence.
Upbit conducts an extensive internal assessment of token listings which never includes financial payments to any company. Users should avoid interacting with fraudulent intermediaries who trick people by offering token listing services in exchange for financial payments. Upbit declared its plan to bring legal proceedings against brokers who operate illegally by pretending to obtain token listings.
Upbit Denies Listing Fees
Multiple blockchain projects allegedly made sizable payments to third parties to gain listings on Upbit as well as Bithumb exchange through a series of tweets issued by Wu Blockchain which is known as a prominent crypto news organization.
Upbit listings required payments totaling $10 million according to the post which stated that Bithumb charged projects $2 million for their services. Wu Blockchain disclosed that intermediaries who secured spot listings on Upbit may possess business relationships with Upbit’s shareholders and market makers.
The report revealed that some projects using the token-based payment system instead of cash became part of the ongoing speculation regarding the listing fees on The Exchange . The reported exchange between token projects and intermediaries involved granting them between 3% to 5% of their total token supply for spot exchange listing positions. Such information indicates that listing fees might be flexible based on the value of tokens created by each project.
Upbit strongly rejected the claims by denying participation in such listing behavior while insisting that projects cannot buy their way into the platform. The statement from the exchange intended to confirm to its users and cryptocurrency community members about decisions for listings being driven by internal assessment alone without financial arrangements.
Upbit Defends Listing Process
The Wu Blockchain platform updated their posts to recognize Upbit’s official reply yet maintained their initial position on this subject. The platform declared they needed to shield their information sources so they could not reveal particular details. The crypto community faces division because transparency about the accusations is unavailable thus some doubt the claims while others suspect possible industry backdoor arrangements.
This dispute arises while cryptocurrency exchange regulators enhance their oversight specifically within South Korea. The country’s financial regulators have intensified their regulatory actions against digital asset platforms while working towards achieving transparency goals together with preventing unlawful operations. The Exchange continues to stand as South Korea’s largest crypto exchange since it has always stressed its dedication to adhering to local regulations.
Market experts believe possible regulatory consequences could emerge for The Exchange and Bithumb based on the truth of these allegations. If Wu Blockchain lacks proof to support its allegations then such accusations faced by the crypto news field will face credibility challenges.
The ongoing disagreement has not been settled because The Exchange maintains its position and Wu Blockchain refuses to reveal its information sources. Industry participants will monitor the emerging events to see how they affect South Korea’s cryptocurrency environment.