Upbit Suspends Deposits and Withdrawals Over $721 Following Ten&Ten’s Travel Rule Solution Service Suspension

Upbit Suspends Deposits and Withdrawals Over $721 Following Ten&Ten’s Travel Rule Solution Service Suspension

Crypto News – Upbit, one of South Korea‘s leading cryptocurrency exchanges, has announced the suspension of deposits and withdrawals exceeding the equivalent of $721. This decision comes in response to changes in services provided by the virtual asset service provider (VASP) Ten&Ten, a key facilitator of deposit and withdrawal operations.

In a statement released on April 17th, Upbit attributed its decision to suspend these transactions to the termination of Ten&Ten’s Travel Rule Solution service. As a result, Upbit users will no longer be able to make deposits and withdrawals exceeding 1 million Korean won (approximately $721).

Ten&Ten ceased its transaction support services on April 15th, setting April 22nd at 10:00 am Korea Standard Time as the deadline for users to withdraw their crypto assets.

Apart from Ten&Ten, several other VASPs facilitate deposits and withdrawals exceeding 1 million won, including Bblock, Gopax, FlatExchange, Aprobit, Prabang, Borabit, BTX, Flybit, Foblegate, Bithumb, Coinone, Korbit, Coredocs, GDAC, Hanbitco, Qbit, Korea Digital Asset Trust, and Oasis Exchange.

A report released by the European Union on April 10th ranked Upbit as the second-largest cryptocurrency exchange by market share, trailing only Binance, with a trading volume of approximately 528.57 billion.

The first quarter of 2024 witnessed a significant milestone as the South Korean won surpassed the United States dollar in cryptocurrency trading volume. According to Kaiko data, transactions denominated in Korean won on centralized exchanges totaled over $456 billion, slightly exceeding the cumulative volume in US dollars, which stood at around $455 billion.

In response to the evolving landscape, South Korean financial authorities are gearing up to introduce new guidelines by the end of April or early May, aiming to impose stricter regulations on token listings on centralized cryptocurrency exchanges. These regulations will include a prohibition on listing digital assets associated with hacking incidents unless the root cause is thoroughly investigated.

Upbit experienced fluctuations in its trading volume throughout April. Starting with a 24-hour trading volume of $3.8 billion at the beginning of the month, it marked a notable peak in early March, recording a daily trading volume of nearly $15 billion, the highest in 2024 so far. This surge in trading volume coincided with Bitcoin reaching a new all-time high of $69,200 on March 5th.

Meanwhile, in Hong Kong, reports indicate that the financial regulator has approved three spot Bitcoin exchange-traded funds (ETFs), which are expected to be listed on the Hong Kong Stock Exchange within the next two weeks.