Ten&Ten’s digital asset deposits and withdrawals totaling one million won will be suspended by Upbit.
The suspension and termination of Ten&Ten’s Travel Rule Solution service prompted this action.
In Q1, the South Korean Won (KRW) surpassed the US Dollar (USD) in terms of cryptocurrency trading volume.
The biggest cryptocurrency exchange in South Korea, Upbit, is among the top 10 exchanges worldwide. On Wednesday, Upbit announced that it will stop accepting deposits and withdrawals of digital assets worth up to one million Won, or roughly $721. The action is a reaction to modifications made to Ten&Ten, a virtual asset service provider (VASP) that allows deposits and withdrawals of at least one million won.
Upbit Is Ceasing Crypto Withdrawals and Deposits
cryptocurrency trading According to a notice on April 17, Upbit announced the suspension of deposits and withdrawals of digital assets for Ten&Ten valued at one million won and above.
Upbit has suspended deposits and withdrawals over one million won 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, 2024, at 10:00 KST, they disabled withdrawals for cryptocurrency assets.
Ten&Ten, a virtual asset service provider (VASP), assisted the cryptocurrency exchange in allowing deposits and withdrawals totaling more than one million won. In addition, 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 are VASPs. These platforms permit deposits and withdrawals exceeding one million won. Moreover, they operate similarly to Upbit, providing similar services to their users.
Trade Volume in Korean Won Fiat Exceeds USD
In Q1, the South Korean Won (KRW) surpassed the US Dollar (USD) in terms of cryptocurrency trading volume. According to Kaiko data, the Won was involved in more than $456 billion in transactions on controlled cryptocurrency exchanges. The US dollar boasts a staggering trading volume of about $455 billion, barely surpassed by any other currency.
South Korea’s biggest centralized cryptocurrency exchanges are Korbit, Upbit, Bithumb, and Coinone. This indicates that South Korea contributes significantly to the global exchange volume amid rising cryptocurrency prices in this bull cycle. In April, spot and futures trading volumes from South Korea increased, reflecting the nation’s increasingly favorable trading environment for cryptocurrencies. This surge underscores South Korea’s growing importance in the global cryptocurrency market.
