Upbit, the cryptocurrency exchange, announced its new compensation policy on the 21st.
The compensation policy calls for compensation when members suffer financial losses due to unexpected system failures. The intention is to prevent confusion among members. And to support reassuring transactions while clearly suggesting when a compensation plan is in progress.
Upbit new compensation policy
First, the failures that occur in the Upbit internal system should be clear. Losses caused by external systems are not in the compensation list. Including devices used by the members such as PC, tablets or smartphones.
Secondly, the responsibility for the disability resulting in the loss to the member shall lie in the Upbit If damages occur due to circumstances. Such as natural disasters or wartime. And for unavoidable reasons such as orders and disposition by government agencies or law enforcement agencies, they are not eligible for compensation.
In particular, the causal relationship between an Upbit system failure and the loss of members should be clear. Upbit will not compensate for failure on its system before and after the member’s transaction. It is if there is no causal relationship between the disability and the loss the member incurred or if objective evidence is difficult to prove.
The application for compensation must be received from the day of the failure to the day after three days. In the case of the disabled, applications must be complete through the customer center by midnight, the 4th of the same month. However, applications for compensation for disability before the effective date is acceptable by midnight on March 15.
In addition, the expenses of the opportunity due to delayed or suspended withdrawals. Due to suspected deposits, the cost of the money, the estimated value of KRW and the total purchase amount of the investment in the coin market follow the actual sale price and purchase amount.
Meanwhile, the claim for compensation shall notify the member within 60 days of the receipt of the claim. And the result of his review of the compensation amount.
Upbit has recently been freezing the members fund, making withdrawal impossible.
