Crypto Exchange Upbit Halts Deposits and Withdrawals of Over 1 Million Won

• Upbit announced the decision citing the suspension and termination of Ten&Ten’s service.
• Withdrawals of cryptocurrency will be made available until April 22.

One of the biggest cryptocurrency exchanges in South Korea, Upbit, will halt any transactions involving digital assets worth more than 1 million won ($721). This is a reaction to recent developments at Ten&Ten, a local facilitator of deposits and withdrawals and a virtual asset service provider (VASP).

Upbit announced the decision to suspend deposits and withdrawals on April 17th, citing the suspension and termination of Ten&Ten’s Travel Rule Solution service as the cause. Withdrawals of cryptocurrency will be made available until April 22 at 10:00 am Korea Standard Time, since the Ten&Ten exchange services ceased supporting transactions on April 15.

Ten&Ten facilitated over 1 million won in cryptocurrency deposits and withdrawals for the exchange. Borabit, Coredocs, GDAC, Hanbitco, Qbit, Korea Digital Asset Trust, Oasis Exchange, and Prabang are among the other VASPs that permit deposits and withdrawals above 1 million won.

Tumbling Performance

Moreover, with 528.57 billion in trading volume, Upbit was ranked second in market share by the European Union (EU) in a study issued on April 10. Crypto exchange Binance was first.

The amount of cryptocurrency transactions using the South Korean won exceeded that of the US dollar in the first three months of 2024. The overall amount of transactions in U.S. dollars was around $455 billion, while transactions in Korean won on centralized exchanges was over $456 billion, according to Kaiko statistics.

At the beginning of April, Upbit’s 24-hour trading volume dropped to $3.8 billion, down from a high point earlier in March. Upbit reached its biggest trading volume of 2024 on March 5 with about $15 billion in daily trades.

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