Key takeaways:
- Upbit will stop accepting deposits and withdrawals of digital assets worth more than 1 million Korean won ($721).
- Ten&Ten assisted the cryptocurrency exchange in allowing deposits and withdrawals totaling more than one million won.
One of the biggest cryptocurrency exchanges in South Korea, Upbit, will stop accepting deposits and withdrawals of digital assets worth more than 1 million Korean won ($721).
The action is a reaction to modifications made by Ten&Ten, a virtual asset service provider (VASP) and one of the regional deposit and withdrawal coordinators.
Upbit announced on April 17 that it had decided to stop accepting deposits and withdrawals due to Ten&Ten’s Travel Rule Solution service being terminated and its use suspended.
The Ten&Ten exchange services terminated transaction support on April 15. As of April 22, at 10:00 am Korea Standard Time, cryptocurrency assets can no longer be withdrawn.
Ten&Ten assisted the cryptocurrency exchange in allowing deposits and withdrawals totaling more than one million won.
Bblock, Gopax, FlatExchange, Aprobit, Prabang, Borabit, BTX, Flybit, Foblegate, Bithumb, Coinone, Korbit, Coredocs, GDAC, Hanbitco, Qbit, Korea Digital Asset Trust, and Oasis Exchange are some more VASPs that permit deposits and withdrawals above one million won.
In a survey published on April 10, the European Union ranked Upbit, with around 528.57 billion in trade volume, second in market share after Binance.
In terms of volume traded in cryptocurrency, the South Korean won outpaced the US dollar in the first quarter of 2024. Data from Kaiko shows that approximately $456 billion worth of transactions in Korean won were made on centralized exchanges, marginally more than the cumulative number of transactions in US dollars, which came to about $455 billion.
By the end of April or, at the latest, early May, South Korean financial authorities intend to publish new guidelines enforcing stricter rules for token listings on centralized cryptocurrency exchanges.
Authorities will also forbid domestic exchanges from listing digital assets linked to hacking events until the source of the problem has been fully identified.
Upbit’s 24-hour trading volume peaked earlier in March and then dropped to $3.8 billion at the beginning of April. The exchange had its greatest trading volume of 2024 on March 5 when Upbit posted a daily trading volume of around $15 billion.
The day that Bitcoin hit a new all-time high of $69,200 may have contributed to the crypto exchange’s spike in daily trading volume.
Three spot Bitcoin Exchange Traded Funds (ETFs) are reportedly approved by Hong Kong’s financial authority and are scheduled to list on the Hong Kong Stock Exchange in about two weeks.
