Categories: MarketsMenafn

Upbit Halts Crypto Transfers of Over 1M Korean Won

Upbit, a prominent South Korean cryptocurrency exchange, has declared that it will stop deposit and withdrawal services for digital currencies worth more than 1 million Korean won ($721). This move comes in reaction to changes in the regulations for virtual asset service providers (VASPs), particularly due to issues related to Ten&Ten, a major entity handling these transactions. 

Following the announcement on April 17, this suspension is due to the end of services tied to Ten&Ten’s Travel Rule Solution, leading Upbit to implement these restrictions.

A Curious Decision by Upbit

The Ten&Ten exchange services ceased transaction support on April 15, with the final opportunity to withdraw cryptocurrency assets being April 22 at 10:00 am Korea Standard Time. Ten&Ten was instrumental in enabling the cryptocurrency exchange to process crypto deposits and withdrawals exceeding 1 million won. Other Virtual Asset Service Providers (VASPs) capable of handling deposits and withdrawals above 1 million won include Bblock, Gopax, FlatExchange, Aprobit, Prabang, Borabit, BTX, Flybit, Foblegate, Bithumb, Coinone, Korbit, Coredocs, GDAC, Hanbitco, Qbit, Korea Digital Asset Trust, and Oasis Exchange.

Cryptomode reported yesterday that the South Korean Won (KRW) surpassed the US Dollar (USD) in cryptocurrency trading volume. The trading volume involving the Won on centralized cryptocurrency exchanges reached over $456 billion, slightly higher than the US Dollar’s trading volume, which was approximately $455 billion.

The biggest centralized cryptocurrency exchanges within South Korea include Upbit, Bithumb, Coinone, and Korbit. This suggests that a significant portion of global cryptocurrency exchange volume originates from South Korea, especially as cryptocurrency prices surge during this bullish phase. Additionally, both spot and derivatives trading volumes showed an upward trend in South Korea in April.

At present, authorities in South Korea are set to introduce stricter regulatory measures for token listings on centralized cryptocurrency exchanges by the end of April or early May at the latest. Additionally, the authorities will ban listing digital assets involved in hacking incidents on local exchanges until the primary cause is fully identified.

Jerry Rolon

After working for 7 years as a Internet Marketer, Jerry now aims to explore the journalistic side of Internet. With his impeccable knowledge in this domain, he churns out some of the best news articles from the internet niche. With respect to acedamics, Jerry earned a degree in business from California State University.

Recent Posts

$1 Memecoin Hits 66.5% Diamond Hands Milestone – Second Only to SPX6900

London, United Kingdom, 31st July 2025, ZEX PR WIRE, The $1 memecoin has hit a…

2 hours ago

SunnyMining Empowers Users to Grow Stablecoin Holdings with Daily Earnings in USDC, USDT, and DA

Los Angeles, California, 30th July 2025, ZEX PR WIRE, As global investors increasingly seek both stable…

14 hours ago

As Ripple and the SEC enter a new phase, a large number of XRP holders flock to Find Mining in search of stable daily passive income

San Francisco Bay Area, California, 30th July 2025, ZEX PR WIRE, Sources have revealed that…

14 hours ago

A New Revolution in Crypto Income: Ripplecoin Mining Makes XRP Easily Convertible into Daily Cash

Bolton Gardens, London, 30th July 2025, ZEX PR WIRE, Are you still storing your cryptocurrency…

14 hours ago

Invro Mining Redefines Crypto Extraction with AI-Enhanced Cloud Platform for XRP and More

London, UK, 30th July 2025, ZEX PR WIRE, Invro Mining, the world’s leading provider of…

14 hours ago

Stable Profits in a Shaky Market: How JA Mining Makes Crypto Income Predictable

While digital asset markets remain uncertain, JA Mining delivers fixed, transparent daily returns through its…

14 hours ago