Upbit To Suspend Deposit and Withdrawal of Crypto Exceeding 1 Million Won

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Upbit, South Korea’s largest crypto exchange and a top 10 global platform, announced on Wednesday that they will temporarily halt deposits and withdrawals worth over 1 million won (around $721) due to modifications in the services provided by Ten&Ten, one of their significant deposit and withdrawal partners.

Upbit Suspending Crypto Deposits and Withdrawals

Upbit cryptocurrency exchange has announced that deposits and withdrawals of digital assets valued at over 1 million won (approximately $862,000 USD) for the account Ten&Ten are temporarily halted, according to a statement released on April 17th.

Upbit’s suspension of deposits and withdrawals over 1 million won is due to Ten&Ten ending their Travel Rule Solution service, which Ten&Ten stopped supporting on April 15, and the last day for withdrawing crypto assets is April 22 at 10:00 KST.

Ten&Ten, a virtual asset service provider (VASP), facilitated crypto deposits and withdrawals exceeding 1 million won for the exchange. Other VASPs enabling such large transactions are: 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.

Korean Won Fiat Trade Volume Exceeds USD

In Q1, the South Korean Won (KRW) surpassed the US Dollar (USD) in crypto trading volume. According to Kaiko’s data, trades on centralized cryptocurrency exchanges worth over $456 billion were conducted using the Won. This amount slightly surpasses the USD’s trading volume, which was approximately $455 billion.

Upbit To Suspend Deposit and Withdrawal of Crypto Exceeding 1 Million Won

In simple terms, Upbit, Bithumb, Coinone, and Korbit are the biggest crypto exchanges based in South Korea. This suggests that a significant portion of global crypto trading volumes arises from South Korea during cryptocurrency price surges, such as this ongoing bull market. Additionally, both spot and derivative trading volumes have grown noticeably in South Korea starting in April, reflecting heightened adoption of cryptocurrencies in the country due to its favorable trading environment.

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2024-04-17 09:51