Upbit suspends crypto transactions exceeding 1 million won

The suspension of Ten&Ten’s Travel Rule Solution service led to Upbit’s halt of deposits and withdrawals exceeding the equivalent of $721.

One of South Korea’s largest crypto exchanges, Upbit, will suspend deposits and withdrawals of digital assets of more than 1 million won (approx $721).

The move comes in response to changes to the virtual asset service provider (VASP) Ten&Ten, one of the providers of deposits and withdrawals.

Crypto exchange Upbit announced in a blog post on April 17, that the suspension of use and termination of Ten&Ten’s Travel Rule Solution service is the reason behind its suspension of deposits and withdrawals.

The Ten&Ten exchange services stopped transaction support on April 15, and the last date to withdraw crypto assets is April 22 at 10:00 KST.

Ten&Ten helped the crypto exchange offer crypto deposits and withdrawals of over 1 million won. Other VASPs that allow deposits and withdrawals over 1 million won include Bblock, Gopax, FlatExchange, Aprobit, Prabang, Borabit, BTX, Flybit, Foblegate, Bithumb, Coinone, Korbit, Coredocs, GDAC, Hanbitco, Qbit, Korea Digital Asset Trust (KDAC), Oasis Exchange.

In a report released on April 10, the European Union (EU) named Upbit second in market share after Binance with approximately 528.57 billion.

In the first quarter of 2024, the South Korean won (KRW) surpassed the U.S. dollar in crypto trading volume. According to Kaiko data, KRW transactions on centralized exchanges totaled over $456 billion, slightly exceeding USD’s cumulative volume of around $455 billion.

Related: South Korean police catch $4.1M crypto scam duo

Currently, South Korean financial authorities plan to release new guidelines imposing tighter regulations for token listings on centralized crypto exchanges by the end of April or, at the latest, early May.

They will also prohibit listing digital assets with hacking incidents on domestic exchanges unless the root cause is thoroughly determined.

The 24-hour trading volume at Upbit fell to $3.8 billion at the start of April after reaching a high earlier in March. On March 5, Upbit recorded a daily trading volume of almost $15 billion, the exchange’s highest trading volume this year.

The crypto exchange’s surge in daily trading volume may be attributed to Bitcoin reaching a new all-time high of $69,200 on the same day.

Hong Kong’s financial regulator has reportedly approved three spot Bitcoin ETFs, which are expected to list on the Hong Kong Stock Exchange in approximately two weeks.