Cryptocurrency exchange Upbit is facing a lawsuit filed by the Seoul University of Foreign Studies’ Industry-University Cooperation Foundation, Forkast has learned. The foundation claims that Upbit infringed a patent of a secure trading system of cryptocurrencies. The patent was filed on April 17, 2018, a year after the exchange began its business activity.
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The foundation also says that the exchange has been using the technology described in the patent for deposits and withdrawals of cryptocurrencies. Upbit refuses the allegation as the exchange launched its services in October 2017.
"Upbit was launched for the general public in October 2017. It seems clear to us that there is no infringement, even without proving prior use," a spokesperson for Upbit added.
However, the foundation believes that Upbit has begun using the patent only after the local authorities revealed new rules for cryptocurrency exchanges. iHodl earlier reported that Huobi and Upbit began delisting several tokens that regulators had deemed too risky for investors.
For instance, Upbit delisted paycoin, maro, observer, solve.care and quiztok, while Huobi Korea stopped allowing trading of its native HT token. Coinbit has stopped allowing trading of eight cryptocurrencies and has added 28 more to its warning list for investors.
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