A Jinse report said that many Chinese Upbit users are finding it difficult to withdraw Korean Won e'er since December. Upbit has announced to its strange users the reasons their withdrawals are yet restricted on Feb. 19  in an announcement.

Upbit said in the announcement that (Know Your Customer) KYC and Korean taxation on cryptocurrency among crypto exchanges are the 2 master reasons behind the brake.

Long look for the KYC process

Since mid-December in 2022, Upbit has enhanced its KYC process and had turned in all the required documentation and lifted the restriction on the foreign members who take completed the KYC procedure, according to the announcement.

Yet, the commutation said later hearing reports about more than exchange taxation at the end of December, they started to look into the possibility of taxation internally, which continues to delay strange withdrawals. Upbit added that:

"Upbit has been working closely with the tax say-so to ensure accurate taxation standards, and also with tax experts to review taxation standards by state."

Chinese users don't buy it

According to Jinse's report, many users in Red china and elsewhere are looking to bring Upbit to account.  Many also believe that the electric current brake for withdrawing has naught to practice with taxation but rather, that Upbit is in serious fiscal trouble. A lawyer close to Upbit told Jinse that Upbit representatives tried to use xx% of the withdrawal amount of foreign users equally collateral for subsequent revenue enhancement replenishment."

Security bug are not new

Upbit suffered a major hack in November 2022, totaling 342,000 ETH valued at approximately $l meg at the time, Cointelegraph reported.  Fifty-fifty after its recent security updates, it looks like foreign users will still meet tough times for now.