‘BJ Cheol-gu’, who broadcasted a live broadcast of buying and selling cryptocurrency and making short-term profits, received an order suspension from Upbit.
On the afternoon of the 26th, BJ Chul-gu broadcasted a live broadcast of an attempt to trade cryptocurrency on the cryptocurrency exchange Upbit through Africa TV.
He attempted to buy a cryptocurrency as long as the market price was falling, but instead of the normal conclusion of the transaction, a notification window popped up saying’Your order is suspended.’ Afterwards, BJ Chul-gu contacted the Upbit customer center and announced that it had received an explanation from Upbit that it was a “transaction suspension in accordance with the terms of use”.
Earlier, on February 19th and 21st, BJ Chul-gu broadcasted live broadcasts of short-term investments of up to several hundred million won on Upbit. At the time, as the prices of the stocks that BJ Cheol-gu bought were rapidly changing, some criticized’isn’t it artificially affecting the market price through live broadcasts?’
Accordingly, BJ Chul-gu said on live broadcasts, “I exposed the phrase’Never follow BJ’ on the broadcast screen,” and said that there was no intention to influence the market price.
On the 27th, an official of Upbit told CoinDesk Korea that it was an act of disturbing the sound transaction order by unreasonably affecting the market price of digital assets (cryptocurrency). We took a stop and delivered it to our customers.” According to this official, it is currently impossible to sell and buy cryptocurrency through BJ Cheolgu’s account, and deposits and withdrawals are possible.
Upbit stipulates that in Article 10 of the terms of use, which stipulates the obligations of users, “users should not engage in any behavior that disturbs the sound trading order by unfairly affecting the market price of digital assets.” In addition, through Article 20, which stipulates the reasons for restriction of use, it is stated that “members may suspend or restrict the use of transactions, deposits, and withdrawals.”
An official of Upbit said, “If corrective action is not taken or the same action is repeated for a considerable period of time, the contract of use may be terminated according to the contents of Article 21 of the Terms and Conditions.” The official said, “Currently (in the case of BJ Cheolgu), only the measures to suspend transactions have been taken, so it is difficult to prematurely say that it is possible again from when (resuming transactions).”
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