Uphold Faces Criticism from Cypress Demanincor for Delaying Access to XRP Funds, Igniting Debates on Centralization and Transparency
Cypress Demanincor, the CEO of CYPRX Superior Trading, recently sparked a lively discussion within the X community regarding Uphold’s transaction review process. After transferring 7,639 XRP to the Uphold platform, Demanincor was dismayed to discover that his funds had been placed under review, preventing him from accessing them immediately. This delay has triggered a wave of criticism over Uphold’s centralized control, which Demanincor believes undermines the fundamental principles of XRP and decentralization.
Uphold’s review process has come under fire, with Demanincor expressing his frustration at the platform’s control over his funds. Despite the XRP transfer being instantaneous and taking only three seconds to reach its destination, Uphold’s subsequent review left Demanincor unable to access his assets. He has questioned the necessity of this review process, arguing that it mirrors the practices of traditional banking systems. According to Demanincor, this level of centralization goes against the core values of cryptocurrencies like XRP, which are designed to provide speed and transparency.
The issue has quickly gained traction within the crypto community, with one user suggesting that frequent large transactions may trigger similar reviews, hinting at stricter compliance measures by exchanges. Demanincor vehemently responded, emphasizing that the primary concern is the centralized control over his XRP by Uphold. Other community members have echoed this sentiment, describing Uphold’s hold and cooling periods as questionable practices.
Another commenter advised moving away from Uphold due to its high fees and perceived lack of security. This user argued that the problem lies with Uphold’s practices rather than with XRP itself. This sentiment highlights the growing distrust within the community towards centralized exchanges and their operational transparency.
This controversy follows Uphold’s recent clarification regarding misleading claims about XRP. The exchange had to address rumors that its CEO, Simon McLoughlin, predicted XRP would reach $10,000. Uphold categorically denied these claims, emphasizing that McLoughlin never made such a forecast. Additionally, McLoughlin highlighted Uphold’s role in Ripple’s ODL network, emphasizing the use of XRP for significant cross-border transactions. Despite these assurances, the community remains skeptical about Uphold’s operational transparency and its alignment with the principles of decentralization.
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