Upbit, a popular South Korean cryptocurrency exchange, has announced that it is suspending deposits and withdrawals due to changes affecting Ten&Ten, a local virtual asset provider which acts as the key facilitator of these services on the platform.
The exchange cited the suspension of Ten&Ten’s Travel Rule Solution service as the reason for this move. It also informed its customers to withdraw their assets before April 22 at 10:00 am Korea Standard Time (KST), when the suspension will come into effect.
Ten&Ten’s service has been instrumental in enabling Upbit to accept deposits and withdrawals totalling more than 1 million won for crypto deposits/withdrawals. The exchange, however, also listed other VASPs such as Bblock, Gopax, Aprobit, Foblegate, Bithumb, Coinone, Korbit, Coredocs, GDAC, Hanbitco, Qbit Korea, and others which permit these transactions.
Meanwhile, South Korean authorities are set to introduce new regulations imposing tighter controls for token listings on centralised crypto exchanges. The new rules, the Virtual Asset User Protection Act (VAUPA), are expected to increase security further while shielding investors from risks associated with hacking incidents. Financial Services Commission (FSC), the nation’s top financial regulator, recently announced that the regulations will come into full effect on July 18, 2024.
In another development, transaction volumes on centralised exchanges in South Korea outshone their U.S. trading counterparts during Q1 2024. The South Korean exchanges recorded transactions with assets totalling $456 billion, slightly exceeding cumulative U.S. volume totalling around 455 billion dollars, according to data from Kaiko.
Notably, Upbit was the second crypto exchange behind Binance, with the global market share. The exchange reportedly records an average trading volume of 528.57 billion dollars.
ALSO READ: South Korea’s Ruling Party Pledges to Permit Spot Bitcoin ETFs As General Elections Approach
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