Upbit, South Korea’s largest cryptocurrency exchange, announced plans to update its privacy policy and migrate user data to servers located in the U.S. starting October 1.
Upbit’s Privacy Policy Update Plans
The exchange noted that it will use Amazon Web Services (AWS) to host these data with the aim of enhancing its service reliability while ensuring compliance with privacy and regulatory standards. It claimed the decision is part of a strategic initiative to improve service continuity, scalability, and data security.
Using AWS for Data Storage
By leveraging AWS’s globally recognized cloud infrastructure, the exchange aims to protect user data against breaches, system failures, and cyberattacks, thereby enhancing security and performance. The exchange claimed AWS’s infrastructure is designed to mitigate risks during adverse events and ensure that users’ personal information remains safeguarded.
Context and Recent Upbit Updates
This move aligns Upbit with other major cryptocurrency exchanges, such as Coinbase, that have adopted similar measures to improve service reliability. A recent Chainalysis report highlighted substantial growth in the country’s cryptocurrency market. The growth is driven by the Korea Premium Index (KPI), which measures the price disparity of cryptocurrencies between South Korean exchanges and international markets. Additionally, Upbit recently expanded its trading offerings by listing the native token of DeFi protocol, Ondo Finance (ONDO), in its KRW, BTC, and USDT markets.
These changes are aimed at improving Upbit’s service performance and data security. In a growing cryptocurrency market in South Korea, leveraging AWS’s resilient cloud infrastructure is a crucial step to ensure the reliability and safety of user data.
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