South Korea Upbit cryptocurrency exchange will suspend withdrawals and deposits of digital assets exceeding 1 million Korean won (approximately $721).
On April 17, the cryptocurrency exchange Upbit stated in a blog post that the inability to process deposits and withdrawals was due to the suspension and termination of Ten&Ten’s Travel Rule Solution service.
The action is a reaction to modifications made to Ten&Ten, a virtual asset service provider (VASP) that provides deposits and withdrawals.The Ten&Ten exchange services ceased support for transactions on April 15, and the withdrawal deadline for crypto assets is 10:00 KST on April 22.
Ten&Ten assisted the cryptocurrency exchange in processing withdrawals and deposits of over one million won. Bblock, Gopax, FlatExchange, Aprobit, Prabang, Borabit, BTX, Flybit, Foblegate, Bithumb, Coinone, Korbit, Coredocs, GDAC, Hanbitco, Qbit, Korea Digital Asset Trust (KDAC), and Oasis Exchange are additional VASPs that permit deposits and withdrawals over one million won.
As of April 10, the European Union (EU) ranked Upbit second in market share, trailing Binance by an estimated 528.57 billion.
The volume of crypto trading involving the South Korean won (KRW) exceeded that of the U.S. dollar during the initial quarter of 2024. Based on data provided by Kaiko, the cumulative volume of KRW transactions on centralized exchanges surpassed $456 billion, marginally surpassing the USD’s volume of approximately $455 billion.
By the end of April or early May at the latest, South Korean financial authorities intend to publish new guidelines imposing stricter regulations on token listings on centralized cryptocurrency exchanges.
Without a comprehensive determination of the underlying cause, they will also prohibit listing digital assets affected by hacking incidents on domestic exchanges.
Beginning in April, the 24-hour trading volume at Upbit decreased to $3.8 billion from its peak in March. Upbit recorded nearly $15 billion in daily trading volume on March 5, the most significant trading volume for the exchange this year.
Bitcoin reached a new all-time high of $69,200 on the same day that the daily trading volume of the cryptocurrency exchange increased.
According to reports, three spot Bitcoin ETFs have been approved by Hong Kong’s financial regulator and are anticipated to list on the Hong Kong Stock Exchange within two weeks.
