Upbit Halts Transactions Over 1 Million KRW Following Changes to VASP – Here’s the Latest
Upbit, one of South Korea’s largest cryptocurrency exchanges, has temporarily suspended deposits and withdrawals exceeding 1 million Korean won ($721).
This decision, outlined in an official statement released today (April 17), follows modifications to the operations of Ten&Ten, a local VASP facilitating high-value transactions.
Effective immediately, Upbit has announced the suspension of processing deposits and withdrawals exceeding 1 million Korean won. This decision is attributed to the recent suspension of Ten&Ten’s Travel Rule Solution service, a crucial component that enabled Upbit to facilitate high-value crypto transactions.
South Korea’s implementation of the FATF crypto travel rule includes regulations on transactions among individuals while leaving self-hosted or non-custodial wallets without specific rules. As a result, South Korea has established a minimum threshold of 1 million won for compliance with the Crypto Travel Rule. This means that all virtual asset service providers (VASPs) in South Korea are required to comply with these regulations.
In compliance, Ten&Ten ceased its transaction support on April 15, thereby prompting Upbit to take action and notify its users. Affected users are advised to complete necessary transactions before April 22 at 10:00 a.m., Korea Standard Time, to avoid any inconvenience.
The termination of Ten&Ten’s services represents a significant development for Upbit and its user base, as it impacts the exchange’s ability to process large-scale crypto transactions efficiently.
In response to this transition, Upbit has implemented measures to mitigate disruptions and ensure continued service provision while adhering to regulatory guidelines. This move by Upbit also occurs within
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