Upbit Suspends Crypto Transactions Over 1 Million Won

Upbit announced a ban on deposits and withdrawals of digital assets worth one million won ($721) or more.

On Wednesday, Upbit, the largest cryptocurrency exchange in South Korea and one of the top 10 cryptocurrency exchanges worldwide said that it will ban the ability to make deposits and withdrawals of digital assets worth one million won, which is around $721.

Ten&Ten, a virtual asset service provider (VASP) and one of the suppliers of deposits and withdrawals of one million won or more, underwent modifications that prompted the decision.

Upbit Suspending Crypto Deposits and Withdrawals

The cryptocurrency exchange Upbit announced on April 17 that it will suspend the ability to deposit and withdraw digital assets for Ten&Ten worth one million won or more.

Ten&Ten’s termination of its Travel Rule Solution service has led to the suspension of deposits and withdrawals exceeding one million won by Upbit.

The transaction support for the Ten&Ten exchange services was terminated on April 15, and the final deadline to withdraw cryptocurrency assets is April 22 at 10:00 in Korean Standard Time.

The cryptocurrency exchange was able to enable cryptocurrency deposits and withdrawals totaling more than one million won with the assistance of Ten&Ten, a virtual asset service provider (VASP).

Other virtual asset service providers (VASPs) that permit deposits and withdrawals of more than one 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, Cardo, and Bikmon.

Korean Won Fiat Trade Volume Exceeds USD

This quarter, the South Korean Won (KRW) surpassed the United States Dollar (USD) in terms of the volume of cryptocurrency trading. According to Kaiko’s data, the total value of transactions using the Won on centralized cryptocurrency exchanges exceeded $456 billion.

This comes in as a close second to the cumulative trading volume of the United States dollar, which was estimated to be somewhere around $455 billion.There are four centralized cryptocurrency exchanges in South Korea: Upbit, Bithumb, Coinone, and Korbit.These are the largest exchanges.

At a time when cryptocurrency prices are rising in this bull cycle, this shows that South Korea is the source of the majority of the global cryptocurrency exchange volumes.

The adoption of cryptocurrencies is growing in South Korea, which is a country that has a trading environment that is favorable to cryptocurrencies. As a result, spot and derivatives trading volumes showed an upward trend in April.