South Korea’s largest cryptocurrency exchange, Upbit, has firmly rejected claims of charging intermediary fees for token listings. The controversy began when Wu Blockchain, a notable digital asset news source, alleged that multiple projects paid substantial sums to secure listings on Upbit and its competitor, Bithumb. According to Wu Blockchain, projects reportedly paid up to $10 million in intermediary fees to parties related to Upbit and market makers, a claim that has stirred the crypto industry.
In response, Upbit issued an official statement denying these allegations, asserting that the exchange does not accept any monetary compensation for listing a token. The statement underscores Upbit’s stringent internal evaluation process for determining trading support for digital assets. Upbit has urged Wu Blockchain to provide specific evidence supporting its claims, including the names of the projects allegedly involved. Additionally, Upbit cautions users against fraudulent brokers who falsely promise guaranteed listings, emphasizing that any third-party claims of guaranteeing listing approvals for fees are entirely fraudulent. The company has encouraged project teams and investors to report any suspicious intermediaries through its official fraud reporting channels and has pledged to pursue legal action against any parties involved in such fraudulent activities.
Wu Blockchain’s report claimed that some projects paid intermediary fees ranging from 3% to 5% of the total token amount or made direct payments amounting to millions of dollars to secure listings on Upbit. While some projects confirmed these payments, others denied engaging in fee-based listing negotiations. The report suggested that intermediaries facilitating these transactions had ties to Upbit’s shareholders and market makers. However, Wu Blockchain has declined to reveal specific details or the identities of the involved projects, citing the protection of its sources. The outlet has called for Korean regulators to thoroughly investigate Upbit’s and Bithumb’s listing practices, particularly the role of market makers.
In response, Upbit not only denied the allegations but also challenged Wu Blockchain to provide concrete proof, reiterating that listing decisions are based solely on strict evaluation criteria without external influence.
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