June 24, 2024

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Key points:

  • Upbit will stop accepting deposits and withdrawals of digital assets worth more than 1 million won ($721).
  • Ten&Ten assists cryptocurrency exchanges in allowing deposits and withdrawals totaling over 1 million won.

Upbit, one of South Korea’s largest cryptocurrency exchanges, will stop accepting deposits and withdrawals of digital assets worth more than 1 million won ($721).

The action comes in response to changes made by Ten&Ten, one of the virtual asset service providers (VASPs) and regional deposit and withdrawal coordinators.

upper bits declare On April 17, Ten&Ten decided to stop accepting deposits and withdrawals as its Travel Rule Solution service was terminated and suspended.

Ten&Ten exchange service will terminate trading support on April 15.

Ten&Ten assists cryptocurrency exchanges in allowing deposits and withdrawals totaling over 1 million won.

Bblock, Gopax, FlatExchange, Aprobit, Prabang, Borabit, BTX, Flybit, Foblegate, Bithumb, Coinone, Korbit, Coredocs, GDAC, Hanbitco, Qbit, Korea Digital Asset Trust and Oasis Exchange are more VASPs that allow the above deposits, withdrawals and 100 Ten thousand won.

In a survey released on April 10, the European Union ranked Upbit second with a trading volume of approximately 528.57 billion, and its market share was second only to Binance.

In terms of cryptocurrency trading volume, the South Korean won surpassed the U.S. dollar in the first quarter of 2024. Transaction volume is approximately US$455 billion.

By the end of April, or at the latest early May, South Korea’s financial authorities intend to issue new guidelines imposing stricter rules on the listing of tokens on centralized cryptocurrency exchanges.

Authorities will also prohibit domestic exchanges from listing digital assets related to the hacking incident until the source of the problem is fully determined.

Upbit’s 24-hour trading volume peaked in early March before declining to $3.8 billion in early April. On March 5, the exchange set its highest trading volume record in 2024, when Upbit’s daily trading volume was approximately $15 billion.

The day Bitcoin hit an all-time high of $69,200 may have been one of the reasons for the spike in daily trading volume on cryptocurrency exchanges.

Three spot Bitcoin exchange-traded funds (ETFs) have reportedly received approval from Hong Kong’s financial authorities and plan to list on the Hong Kong stock exchange in about two weeks.

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