Upbit Offers Reward for Reporting Illegal Crypto Schemes

[kreslik.news]

South Korea’s largest cryptocurrency exchange Upbit is following Binance’s path by asking its vast user base to point out shady multi-level cryptocurrency schemes, or even fraudulent ICOs, in exchange for a reward.

The increasing number of scams in the unregulated cryptocurrency sectors has forced the massive community to be its own watchdog and the involvement of the established firms in the sector for the same purpose is really good news. In the official announcement, Upbit stated that with this move it is aiming to “prevent damage [due] to illegal fraud and to create a sound cryptocurrency ecosystem.”

Though Upbit did ... (read more)