Upbit exchange still stopping crypto withdrawals for foreign customers

Back in December 2019, South Korean cryptocurrency exchange, Upbit, made headlines when it started preventing its foreign users from making withdrawals. Originally, many believed that this was a security measure that took place due to a hack that previously happened. However, as time passed, many started suspecting that the move may have something to do with the company’s tax fine.

Among those who have been prevented from
withdrawing their funds were also 6300 Chinese crypto traders, who had their
withdrawals frozen since December 2019. As mentioned, the move was made
relatively soon after Upbit was hacked on November 27th, in an incident during
which online criminals stole 342.000 ETH ($89.26 million according to current
prices).

The hack of a major exchange gathered a lot of attention, and most people were well aware of it as December had arrived. So, when the transactions were initially frozen, many assumed that this is simply due to investigations of the hack and that they…