Korea’s virtual asset exchange Upbit announced that it will establish a Monetary Fund to support the youth of vulnerable social group. The intent of this is to use the one hundred billion KRW profit Upbit had earned from customer deposit to support the youth. Upbit had been criticized for snatching interest profit of customer deposit from KBank. Partner attorney Ohoon Kwon explained his opinion on this issue, saying that “if Dunamu was lending customers money under the terms of service, the customers have the right to claim interest profits. However, as the customers only deposit money to purchase Bitcoin, Upbit is not mandated to give out interest profit. If they do so, the financial authorities could even consider such action as providing unjust enrichment by arbitrary asset management. [Pinpoint News 2022-05-12]  

URL: Upbit Supports Youth of Vulnerable Social Group with Interest Profit from Customer Deposits