South Korean cryptocurrency exchange Upbit has denied allegations that it charges brokerage fees for token listings, calling on Wu Blockchain to provide proof.
Wu Blockchain's Allegations
The controversy follows a series of tweets from Wu Blockchain, which claimed that multiple projects paid fees to intermediaries to secure listings on Upbit and Bithumb. According to Wu Blockchain's post, intermediary fees were reportedly around $10 million for Upbit and $2 million for Bithumb, with some intermediaries allegedly connected to Upbit’s shareholders.
Upbit's Response
Upbit emphasized that all trading support decisions undergo a strict internal review process without financial compensation. The exchange also warned users to be cautious of fraudulent intermediaries and stated it would take legal action against illegal brokers. Upbit claims that its listings are based on internal evaluations rather than financial deals.
Reaction and Consequences
After Upbit’s response, Wu Blockchain updated its posts stating it 'needs to protect the source, so we cannot disclose specific information.' Additionally, the post was edited to clarify details. Meanwhile, some projects reached by Wu Blockchain denied any involvement in such payments, with three out of seven projects contacted denying involvement.
The allegations against Upbit have stirred discussions in the cryptocurrency community, highlighting the importance of transparency and trust in these issues.
