Upbit, a digital asset exchange in South Korea, has restricted crypto trading for employees, blood relatives, and executives. This move aligns with the upcoming implementation of the Virtual Asset User Protection Act (VAUPA) on July 19. The VAUPA aims to promote fair trading and prevent fraud.
In its first transparency report, Upbit detailed its self-regulation measures to prevent the misuse of undisclosed information. The exchange’s measures include prohibiting insiders from trading and establishing the Upbit Market Oversight (UMO) system to monitor for price manipulation.
The report will be updated annually to ensure ongoing transparency. This initiative underscores the exchange’s commitment to user safety and market stability. The broader implication is a step towards more regulated and trustworthy crypto markets in South Korea and globally.
