Upbit to Halt Crypto Withdrawals And Deposits Above One Million Won

Upbit, a prominent cryptocurrency exchange based in South Korea and ranked among the top 10 globally, has announced a temporary halt on the deposit and withdrawal of digital assets valued at 1 million won or higher.

This decision follows alterations to the services provided by Ten&Ten, a virtual asset service provider (VASP) facilitating such transactions.

Upbit's move is a response to the cessation of Ten&Ten's Travel Rule Solution service, which enabled the exchange to process crypto transactions exceeding the specified threshold.

Upbit Suspension of Deposits and Withdrawals 

According to a notice issued on April 17, Upbit disclosed its suspension of deposits and withdrawals exceeding 1 million won for users utilizing Ten&Ten's services.

The discontinuation of Ten&Ten's support for transactions was effective from April 15, with a deadline set for users to withdraw their crypto assets by April 22 at 10:00 KST.

Ten&Ten was one of several VASPs enabling Upbit to handle deposits and withdrawals exceeding 1 million won.

Other VASPs offering similar services include 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. 

South Korean's Won TVL Surpasses That of The USD

In a related news, the trading volume of the South Korean Won (KRW) surpassed that of the US Dollar (USD) in the first quarter of the year.

Data from Kaiko revealed that transactions involving the Won on centralized cryptocurrency exchanges totaled over $456 billion, narrowly outpacing the cumulative trading volume denominated in USD, which stood at approximately $455 billion.

South Korea boasts some of the largest centralized cryptocurrency exchanges, including Upbit, Bithumb, Coinone, and Korbit.

This data suggests that significant cryptocurrency trading activity is centered in South Korea, particularly amid the current bullish market cycle.

Additionally, both spot and derivatives trading volumes are on the rise in April, reflecting increasing crypto adoption within the country's favorable trading environment.