The Chinese cryptography news blogger, Collin Wu, revealed that many cryptography projects were forced to pay billonas to obtain a successful list of their tokens in the best exchanges of South Korean crypto.
Summary
- Bithumb & Upbit accused of taking millions to list tokens.
- There is no response from the executives of these exchanges.
- UPBIT imposed a prohibition of transactions in some cryptography accounts.
South Korea is a very large market for the cryptographic industry, since a large percentage of the population invests in digital assets. All the main financial regulatory agencies regulate the cryptographic sector to guarantee the prohibition of the entry of bad actors in financial activities related to cryptography. These regulators are the Financial Services Commission (FSC), the Financial Intelligence Unit (FIU), the Korean Fair Trade Commission (KFTC), the Ministry of Science and ICT (MSIT) and the National Tax Service (NTS).
On March 20, 2025, Collin Wu, a Chinese cryptographic news blogger, reported that 4 cryptographic projects revealed that millions of dollars paid to the intermediaries of the main cryptographic exchanges in South Korea to list their corresponding tokens.
Collin Wu said he contacted 7 cryptographic projects. 4 of them said they paid a rate that ranges between 3% and 5% of the total token amount to the intermediaries so that they are quoted in the ipbit crypto exchange successfully. In precise figures, they paid approximately US $ 10 million and US $ 2 million to UPBIT and Bithumb, respectively.
The intermediaries who took bribes were shareholders and market manufacturers of UPBIT.
Here, Bitcoinik.com readers should know that WU contacted only 7 cryptography projects and 3 of them clearly denied any rate for listing the Token.
So here, we cannot call it misconduct for encryption exchanges, but now an exhaustive investigation into this unusual act is mandatory now.
Until now, it has not been a response to the public domain by the officials of any of the accused cryptographic exchanges, but it will be interesting to see the clarification on this matter.
Previously, Coinbase & Binance faced similar types, but many cryptographic projects defended these cryptographic companies against accusations and qualified false accusations.
Fiu action against UPBIT
In February 2025, the Financial Intelligence Unit (FIU) imposed a regulatory action against the Crypto of UPBIT, citing the infractions of KYC’s obligations.
The FIU investigation found 34,777 KYC violations and marked 5,785 cases in which users provided incorrect or missing address details.
As part of the action, UPBIT faced a temporary prohibition of the new cryptographic transfers of users between March 7 and June 6, 2025.
However, the owner of UPBit’s exchange challenged this regulatory action in the Court, but still did not relax for the exchange.
On March 20, 2025, this exchange of encryption imposed restrictions on some suspicious cryptographic accounts of executing Ponzi schemes.
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Discharge of responsibility: In Bitcoinik.com we present the most recent information in the encryption market. However, this information should not be considered as financial advice and viewers must consult their financial advisors before investing.
