Upbit, a major cryptocurrency exchange based in South Korea, has announced that it will temporarily halt deposits and withdrawals of digital assets valued over 1 million won (equivalent to approximately $721) beginning from a specified date.
In reaction to modifications at virtual asset service provider (VASP) Ten&Ten, which handles deposits and withdrawals among the services they offer, this action is being taken.
On April 17, Upbit explained in a blog update that the reason for the recent halt in deposit and withdrawal services is the termination of Ten&Ten’s Travel Rule Solution, which they had been utilizing.
Starting from April 15, Ten&Ten exchange services no longer facilitate transactions for crypto assets. If you wish to withdraw your crypto holdings, please do so by April 22, at 10:00 AM (Korean Standard Time).
Ten & Ten facilitated crypto deposits and withdrawals worth over 1 million won for the crypto exchange. Similarly, other Virtual Asset Service Providers (VASPs) enabling such large transactions are Bblock, Gopax, FlatExchange, Aprobit, Prabang, Borabit, BTX, Flybit, Foblegate, Bithumb, Coinone, Korbit, Coredocs, GDAC, Hanbitco, Qbit, and Korea Digital Asset Trust (KDAC), Oasis Exchange.
On April 10, the European Union (EU) published a report naming Upbit as the second largest cryptocurrency exchange in terms of market share, with an estimated volume of around 528.57 billion.
During the initial three months of 2024, trading volumes in South Korean won (KRW) on cryptocurrency exchanges surpassed those in U.S. dollars (USD). Based on Kaiko’s reports, transactions in KRW amounted to over $456 billion on centralized platforms, slightly more than the USD’s aggregate volume of approximately $455 billion.
By the end of April or no later than early May, South Korean financial regulators intend to issue stricter rules governing the listing of tokens on centralized cryptocurrency exchanges.
Domestic exchanges will be barred from listing digital assets if hacking incidents have occurred, until the underlying causes have been fully investigated and resolved.
At the beginning of April, Upbit’s daily trading volume decreased to $3.8 billion from its peak of approximately $15 billion, which was reached on March 5 – marking Upbit’s greatest trading volume in 2023 so far.
The significant increase in daily transactions at the cryptocurrency exchange occurred when Bitcoin hit a new record price of $69,200 on that very day.
According to reports, Hong Kong’s financial regulatory body has given the green light to three Bitcoin spot ETFs. These ETFs are anticipated to begin trading on the Hong Kong Stock Exchange within about two weeks.
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2024-04-17 13:18