Upbit restricts the work of its own users
No sooner had the OKEx cryptocurrency exchange started quiet work and resumed withdrawals, than the new digital platform announced the stop of payments. This time, the focus is on Upbit. Note that we are not talking about a criminal case, as is the case with the aforementioned OKEx. The point is the changes in the company’s policy, which will directly affect the work of ordinary users. How to exist and use the services of the exchange in the new conditions? Let’s figure it out.
Informational context of the project
First of all, you just need to clarify the nuances of the work and policies of the digital platform. In fact, not every reader uses or even has heard of Upbit’s work. That is why, first of all, one should understand the nuances of this eastern platform. Indeed, the main market in which the platform operates is South Korea. Cryptocurrency is widespread in this country and new digital platforms appear regularly. That is why many local hackers focus their own attention on hacking cryptocurrency storages, stealing digital funds, and other crimes directly related to digital assets. It is precisely the growth in the number of crypto scammers that underlies the update of the company’s policy. Representatives of the exchange say that previously they were considered, and now new measures have been taken to help protect the funds of ordinary users from attacks by the most advanced hackers.
New rules have already entered into force today. The latter consists in rethinking the withdrawal system. Now users can no longer cash out in one transfer an amount that exceeds the cost of fiat deposits in the last 24 hours from the moment the withdrawal request was created. Note that such restrictions apply selectively. For example, work with Chinese won will be done according to the same standards, without any changes. Nevertheless, since many Upbit users use not only the Korean currency, but also, say, the euro with the dollar, the changes will significantly affect the majority of account holders on the exchange. What should cryptocurrency platform users do? Let’s figure it out.
Details of upcoming changes. What will happen to Upbit?
In fact, the measures taken are really effective. Since now hackers, having gained access to a cryptocurrency account, will not be able to withdraw all the user’s savings. The only thing that cybercriminals can get hold of is the funds used in the last 24 hours. Consequently, the potential damage is significantly reduced. However, commonplace convenience suffers. Imagine that you have a certain amount on your account that you suddenly need. But at the same time, recently you have not traded cryptocurrency at all. In this case, it will not be possible to quickly get your own money. Inconvenient? Definitely.
However, in all likelihood, the project representatives prioritize the safety of digital savings over the practical convenience of their own platform. Is this the correct approach? Obviously, it is not for us to judge. Those users who are accustomed to constantly using coins in everyday life and need to withdraw digital assets will have to slightly restructure their own work. Now you need to calculate in advance the amount of funds available for receiving in fiat equivalent. Only time will tell how correct the decision and choice of Upbit representatives turned out to be. It remains only to wait and follow all the news of the crypto industry with us. We publish only high-quality and interesting material. Thanks for attention. Good luck!
