Upbit, South Korea’s largest cryptocurrency exchange, has announced plans to update its privacy policy and migrate customer’s data to U.S.-based servers starting October 1.
The exchange noted that it will use Amazon Web Services (AWS) to host these data with the aim of enhancing its service reliability while ensuring compliance with privacy and regulatory standards. It claimed the decision is Upbit’spart of a strategic initiative to improve service continuity, scalability, and data security.
By leveraging AWS’s globally recognized cloud infrastructure, the exchange aims to protect user data against breaches, system failures, and cyberattacks, thereby enhancing security and performance. The exchange claimed AWS’s infrastructure is designed to mitigate risks during adverse events, and ensure that users’ personal information remains safeguarded.
The move aligns Upbit with other major cryptocurrency exchanges, such as Coinbase, that have adopted similar measures to improve service reliability. This migration is expected to boost Upbit’s performance, particularly in terms of uptime and service availability.
This development comes amid growing interest and investment in cryptocurrencies in South Korea. A recent Chainalysis report highlighted substantial growth in the country’s cryptocurrency market, driven by the Korea Premium Index (KPI), also known as the Kimchi Premium. The KPI measures the price disparity of cryptocurrencies, such as Bitcoin and Ether, between South Korean exchanges and international markets. According to the report, strong institutional trading, high local demand, and favourable market conditions have contributed to elevated crypto prices on South Korean exchanges compared to global averages.
Upbit recently expanded its trading offerings in a related update by listing the native token of DeFi protocol, Ondo Finance (ONDO) across its KRW, BTC, and USDT markets. Its customers are also now able to deposit and withdraw ONDO tokens on the Ethereum network since June 14.
The exchage claimed it implemented necessary procedures to maintain market stability and prevent manipulation, including a temporary trading restrictions during the first hour of trading. Additionally, deposits must originate from verified personal wallet addresses, and large transactions from unverified sources will undergo additional scrutiny.
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