Bitcoin investor relief as report backs South Korea's largest cryptographic exchange



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A screen displays the price of bitcoin in a virtual exchange store in Seoul, South Korea. (Photo by Seung-il Ryu / NurPhoto via Getty Images)

A report confirming that the bitbit exchange UPbit, the largest encryption exchange in South Korea, stores 100% of its bitcoin and that the cryptocurrency balance has caused a wave of relief among investors worried after the search of the exchange by the local authorities in May.

At the time, UPbit was concerned about manipulating its balance sheet and increasing its trading volumes.

As part of the financial supervision operation conducted by South Korea, the Financial Services Commission (KSFU) and the Financial Services Commission (KFIU) seized material and documents from UPbit in order evaluate claims by unknown sources that the stock market was insolvent.

Yoojin, one of South Korea's largest accounting firms, was hired to evaluate UPbit's accounts and realized that it had the necessary funds, but the legitimacy of the findings remains unanswered, as the Korean government has not issued a statement or further information on the case.

Dunamoo, a subsidiary of the Korean internet giant Kakao, published a report citing the results of the official audit& nbsp; – an element that greatly helps to verify the conclusions of Yoojin – and dispel some fears of a further collapse of the South Korean crypto exchange.

"UPbit currently has the exact amount held by the platform's investors, as well as additional funds, which is more than enough to compensate each investor," said Lee Seok-woo, chairman of Dunamoo. "Thus, UPbit is able to process customer withdrawals at the request of its customers and the stock market will continue to publish audit reports regularly to prove its solvency."

Problems encountered by the Bithumb South Korean encryption exchange in recent months, UPbit has surpassed it as the country's biggest swap, although the UPbit might not hold the title for long. .

News from South Korea follows other news this week's bullish prices – although bitcoin bears have not been hunted yet.

The price of bitcoins has struggled in recent weeks after a selloff that has pushed prices down from their recent highs of nearly $ 8,500 to about $ 7,000.

The price of bitcoin rebounded last month before giving up gains.CoinDesk

On Friday, it was revealed that the US coffee chain Starbucks loved bitcoin and cryptocurrency, which some believe could pave the way for the approval of the Securities and Exchange Commission's ETF (Bitcoin Trading Exchange) fund. (DRY).

Starbucks, NYSE's Intercontinental Exchange (ICE), Microsoft software giant and Boston Consulting Group join forces to launch a digital platform called Bakkt, which could allow Starbucks customers to use indirectly Bitcoin and other cryptocurrencies in the coffee chain stores.

Starbucks was quick to point out that it would not accept payments in bitcoins or other cryptographic currencies, despite misleading statements from many credible publications, including Bloomberg.

A Starbucks spokesperson & nbsp;says the motherboard "Customers will not be able to pay the frappuccinos with Bitcoin", but they will be able to "convert digital assets such as bitcoins into US dollars, which can be used at Starbucks.

"At the moment, we announce the launch of trading and conversion of bitcoin," said the spokesman. "However, we will continue to talk to customers and regulators as the space evolves."

However, many people think that this is a step in the right direction for the adoption of Bitcoin and crypto.

"They will now have a US-regulated stock exchange and an approved warehouse, which will store commodities and greatly facilitate the work of the ETFs," Brian Kelly, Founder of BK Capital Management said CNBC over the weekend.

The SEC's ETF decision, which could come later this month, could push the price of bitcoin well above the record highs of nearly $ 20,000 at the end of last year.

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A screen displays the price of bitcoin in a virtual exchange store in Seoul, South Korea. (Photo by Seung-il Ryu / NurPhoto via Getty Images)

A report confirming that the bitbit exchange UPbit, the largest encryption exchange in South Korea, stores 100% of its bitcoin and that the cryptocurrency balance has sparked a wave of relief among investors worried after the invasion local authorities in May.

At the time, UPbit was concerned about manipulating its balance sheet and increasing its trading volumes.

As part of the financial supervision operation conducted by South Korea, the Financial Services Commission (KSFU) and the Financial Services Commission (KFIU) seized material and documents from UPbit in order evaluate claims by unknown sources that the stock market was insolvent.

Yoojin, one of South Korea's largest accounting firms, was hired to evaluate UPbit's accounts and realized that it had the necessary funds, but the legitimacy of the findings remains unanswered, as the Korean government has not issued a statement or further information on the case.

Dunamoo, a subsidiary of the Korean internet giant Kakao, has published a report citing the results of the official audit – a factor that largely contributes to the verification of Yoojin's findings – and dispels some of the fears of a new collapse of cryptographic exchanges in South Korea.

"UPbit currently has the exact amount of funds held by platform investors, as well as additional funds, which is more than enough to compensate each investor," said Lee Seok-woo, chairman of Dunamoo. "Therefore, UPbit is able to process customer withdrawals at the request of its customers and the stock market will continue to publish audit reports regularly to prove its solvency."

Problems encountered by the Bithumb South Korean crypto exchange over the past few months, UPbit has become the country's largest exchange exchange, but UPbit may not hold the title for long.

News from South Korea follows other news this week's bullish prices – although bitcoin bears have not been hunted yet.

The price of bitcoins has struggled in recent weeks after a massive selloff that pushed prices down from nearly $ 8,500 to nearly $ 7,000.

The price of bitcoin rebounded last month before giving up gains.CoinDesk

On Friday, it was revealed that the American chain of coffee Starbucks adored bitcoin and cryptocurrency, which could pave the way for the approval of the Bitcoin Exchange Traded Fund of the Securities and Exchange Commission (SEC).

Starbucks, Intercontinental Exchange (ICE), owner of the New York Stock Exchange, Microsoft and Boston Consulting Group unite to launch a digital platform called Bakkt, which would allow Starbucks customers to indirectly use bitcoin and other cryptocurrencies in the coffee chain stores.

Starbucks was quick to point out that it would not accept payments in bitcoins or other cryptographic currencies, despite misleading statements from many credible publications, including Bloomberg.

A Starbucks spokesman told the motherboard, "Customers will not be able to pay the frappuccinos with Bitcoin," but they will be able to "convert digital assets such as bitcoins into US dollars, which can be used at Starbucks.

"At the present time, we announce the launch of the trading and conversion of bitcoin," said the spokesman. "However, we will continue to talk to customers and regulators as the space evolves."

However, many people think that this is a step in the right direction for the adoption of Bitcoin and crypto.

"They will now have a US-regulated stock exchange and an approved warehouse, which will make product storage easier and make it much easier to trade for an ETF," said Kelly, founder of BK Capital Management, CNBC at the weekend. .

The SEC's ETF decision, which could come later this month, could push the price of bitcoin well above the record highs of nearly $ 20,000 at the end of last year.