Min Byeong-deok, a member of the National Assembly’s Political Affairs Committee, announced on the 5th that Upbit had earned 314.3 billion won in commission profits by allowing Upbit to trade insolvent coins that are being delisted for more than two years. Upbit delisted 24 types of coins from last June ahead of the enforcement of the Specific Financial Information Act (hereinafter referred to as the ‘Special Provisions Act’), causing great losses to the coin holders. According to data obtained and analyzed by Rep. Min through the Financial Supervisory Service, Upbit delisted 24 coins (13.6% of the 177 coins listed) in June, and transaction fees for the delisted 24 coins was found to be 174.4 billion won, or 4.34% of Upbit’s total commission.
As a result of analyzing statistics for the entire period from October 2017, when Upbit started trading coins, to the present, 145 coins, or 48% of the total 298 listed coins, were delisted, and the 314 billion won in fees obtained from the delisted coins was It amounts to 7.78% of the 4 trillion won in coin transaction fees. In the end, one of the two listed coins was delisted, leading to losses for investors.
145 delisted coins were traded on Upbit for an average of 764 days (about 26 months), during which Upbit earned huge commission income, and traders and holders suffered huge losses. Upbit operated a virtual asset exchange for a total of 44 months from the open beta service in October 2017 to June this year. Among them, the average listing date of insolvent coins is 26 months, which is 59% of the 44 months business days. In this way, Assemblyman Min’s office pointed out that Upbit has risen to become the number one operator in Korea.
It was confirmed that the ‘Digital Asset Report’ provided by Upbit at the time of listing is only about two pages excluding the cover, and that the listing review/delisting procedure is only two pages long. Regarding the formation of the task force to review the coin listing, it can be presumed that three or four employees are in charge of the listing review by looking at the part where it is stated that ‘at least one person is recruited from the transaction support team, the technical team, and the compliance support team’.
“Virtual asset exchanges should prepare transparent and systematic listing and delisting standards,” said Rep. Min. Regard ing this, we will discuss with the financial authorities and come up with special measures.”
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