Upbit Halts Deposits and Withdrawals Over $721 Amid Provider Changes
Upbit, South Korea’s leading cryptocurrency exchange and a global top 10 exchange, announced on Wednesday its decision to temporarily halt deposits and withdrawals of digital assets valued at 1 million won (approximately $721).
This action follows changes to Ten&Ten, a virtual asset service provider (VASP) facilitating transactions of 1 million won or more.
The suspension of deposits and withdrawals exceeding 1 million won is a direct response to the cessation of Ten&Ten’s Travel Rule Solution service. Ten&Ten ceased transaction support on April 15, with the deadline for withdrawing crypto assets set for April 22 at 10:00 KST.
Ten&Ten was instrumental in enabling Upbit to facilitate crypto transactions exceeding 1 million won. Other VASPs supporting transactions over this threshold include Bblock, Gopax, FlatExchange, Aprobit, Prabang, Borabit, BTX, Flybit, Foblegate, Bithumb, Coinone, Korbit, Coredocs, GDAC, Hanbitco, Qbit, Korea Digital Asset Trust (KDAC), Oasis Exchange, Cardo, and Bikmon.
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Additionally, South Korean Won (KRW) surpassed the US Dollar (USD) in cryptocurrency trading volume during Q1. Kaiko data revealed that centralized exchanges in South Korea transacted over $456 billion, slightly surpassing the cumulative trading volume of the US Dollar, which hovered around $455 billion.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
