The whole team UPbit crypto currency exchange, which is currently the largest in South Korea with a sinking heart was waiting for the results of their audit. The audit report came out today, and luckily, the suspense ended on a positive note.
After investigation of allegations of manipulation of reporting on balance sheets and inflating trading volumes, the exchange was fully justified and was able to confirm for 100% of the amount reported in the balance sheets.
Earlier the allegations
In may, local police Department, an investigation was initiated against UPbit, which was accused of overstating the volume and the disparity between balances. The chief financial regulator of South Korea, financial services Commission (FSC) and the Korea financial intelligence service (KFIU) have been seized hard drives with information and books.
Guide UPbit hired the audit firm Yoojin, one of the best in South Korea to analyse the balance sheets of the company providing them with all the data on their financial operations. Yoojin held the audit confirmed that all previously provided data comply with the documentation and confirmed.
The concern of the crypto community about UPbit and the government’s reluctance to provide additional information on the conduct of the investigation has created a tense situation at all cryptomeria South Korea because of charges related to the largest stock exchange in the country.
The exchange is justified
The message about the successful passing of the audit appeared August 4 on the company’s website Dunamoo, a subsidiary of the largest Internet conglomerate in the country Kakao.
President Dunamoo Li H, Wu said:
“Currently, it is confirmed that UPbit has officially specified amount of money in deposits, as well as sufficient funds to offset the contributions of each of the investors. Therefore, UPbit may carry out any trading operations at the request of the customers. In the future, the exchange intends to regularly conduct audits and publish reports to users to ensure its solvency”.
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