Upbit Friday denied that it manipulated trading volume through a bogus account.

In a statement, it said the exchange traded cryptocurrencies through its corporate account at the initial stage of the opening as part of steps to keep the market liquid.

It said the trading is not fraud as the prosecution announced. The exchange said Upbit neither earned illegal profits nor artificially traded cryptocurrencies.

The exchange claimed that it did not place fake orders through a phony account.

At the opening stage of the exchange between September 24 till December 31 last year, Upbit used its corporate account for trading. This trading was to maintain an optimal level of trading to ensure the liquidity of the market, Upbit claimed.

The exchange claimed that it had never manipulated pricing. “We used our corporate account for buying and selling cryptocurrencies, but this trading has not influenced prices,” it claimed