Upbit is one of the largest cryptocurrency exchanges at the moment and this platform does promote transparency. This is one of the reasons that this exchange rewarded 6 people who reported crypto related fraudulent schemes.
Way back in March Upbit established a bounty system. The users can easily identify fraudulent activities with the help of this system. This system can easily identify multi-level digital currency scams as well. At the moment Upbit pays about 1 million won to all those who report the digital currency scams.
Once this system was implemented, then about 10 cases have been reported so far. However, the users who wish to receive the reward have to submit the evidence documents as well. The objective of this practice is to create a scam free digital currency ecosystem.
Upbit is also making efforts to improve its digital currency operations. This is one of the reasons that Upbit has created a system by the name of World-Check. The basic objective of World-Check is to support the transparent digital currency operations.
World-Check aims to meet the regulatory requirements. When a user decides to register with Upbit, then the membership data of the user is checked against the data of World-Check. If the system is not satisfied with the user membership data, then the registration of the user is terminated on an immediate basis.
Now, this approach can prove to be quite useful to nip the evil in the bud and eliminate the digital currency scams. Since Upbit has created a very strong system to verify the user information, there are little chances of any fraudulent activities taking place.
The users who want to be associated with Upbit know that they have to provide satisfactory information to the system otherwise their membership will not be acceptable. It is important that other exchanges should also follow in the footsteps of Upbit and provide the same transparency as offered by Upbit.
Apparently, it seems that Upbit will be making more efforts in the near future to improve its security system. This is one of the reason that Upbit has been able to establish its place in the top digital currency exchange list.
One thing can be said for sure that any user who decides to register with Upbit will be buying his peace of mind because the user will not have to worry about the fact that his investment will be on the line.