Despite the bear market, a South Korean cryptocurrency exchange, Upbit is launching its trading operation in Indonesia. The platform says that it sees huge potential for crypto asset exchange in the Indonesian market but the exchange had recently caught by Police in South Korea on wash trading activity.
Upbit Exchange Promotes New Launch With Airdrop
The new launch of the Indonesian market is celebrated with an airdrop of 250,000 ICON (ICX) tokens for the first batch of customers – 2500 users specifically. Following Singapore and South Korea, Upbit exchange made Indonesia the third potential crypto market for its trading services. Furthermore, the announcement reveals in a conference held for the ‘launch of Upbit in Jakarta, Indonesia’ wherein the CEO, Alex Kim. Mr. Kim addresses the representatives of the Commodity Futures Trading Regulatory Agency (Bappepti) and the enthusiasts from across the crypto community. He says;
By looking at the existing positive ecosystems and the potential and development of crypto-assets in Indonesia, we are optimistic that Indonesia will play a leading role in the Upbit expansion strategy in Asia-Pacific.
Launched in 2017, Upbit is one of the largest cryptocurrency exchange of South Korea. It holds the average trading volume of $84,768,693 and currently ranks the 34th position on raking at coinmarketcap. During the conference, Putra Nugraha who is the Upbit Indonesia’s Head of Legal talks about the potential that the country holds. He says, ‘large internet Indonesians’ one of such reason to expand operation in Indonesia.
Moreover, Mr.Alex recently hit the headlines about Upbit’s growth – He stated that the exchange won first place across Korea as well as ranked as the 4th largest cryptocurrency exchange in terms of security. This ranking stat was followed by the CER ranking (Crypto Exchange Rank).
Upbit in South Korea was in Deep Danger
While Upbit team breaks the announcement of the new operation in Indonesia, very recently the exchange has undergone a police investigation. It was claimed that the upbit exchange inflated volumes and also created fake wallets. The activity is termed as the wash trading to make changes in its balance sheet. However, the team Upbit denied the allegation and stated;
“Upbit did not commit wash trading (cross trading), imaginary orders (provision of liquidity), or fraudulent trading. The company did not trade crypto-currencies which it didn’t own, or have its staff and employees benefit from such trading. Upbit will fully cooperate with the authorities during its trial where the difference of viewpoints between the Prosecutors’ Office and Upbit regarding the methods of the transaction will be explained,”
What do you think about Upbit’s decision of launching Indonesian operation? Do you think they find it difficult to smoothly run their platform in South Korea? Share your opinion with us.
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com