OKX Hit by Crypto Theft Due to SMS Notification Security Fail

Upbit Suspends Crypto Deposit/Withdrawal Over 1M KRW

Upbit Suspends Crypto Deposit/Withdrawal Over 1M KRW

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.

Related articles

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.

Fiat Trade Volume
Source: Kaiko

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.

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

Sign Up for Our Newsletter!

Hidden

Next Steps: Sync an Email Add-On

To get the most out of your form, we suggest that you sync this form with an email add-on. To learn more about your email add-on options, visit the following page (https://www.gravityforms.com/the-8-best-email-plugins-for-wordpress-in-2020/). Important: Delete this tip before you publish the form.
(Required)

Related Posts

Premium Partners

Premium Casino Partners

Top Casinos

Trust Dice

mBit

Inmerion

Marsbet

Press Releases

Related Posts