Upbit temporarily ceases deposits and withdrawals exceeding 1M Won

Upbit has halted crypto transactions that exceed one million Won (equivalent to $722) following changes in the services provided by its VASP.
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April 21, 2024
Ayush Pande

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

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Photo Source: Dim Hou (Unsplash)

Crypto exchange Upbit has halted crypto transactions that exceed one million Won (equivalent to $722) following changes in the services provided by its VASP.

Earlier this week, Ten&Ten, the Virtual Asset Service Provider of Upbit, ceased its Travel Rule Solution facility. Since Ten&Ten was responsible for processing deposits and withdrawals worth more than 1M Won for Upbit, the termination of services at the VASP resulted in Upbit suspending all high-value transactions on its platform. 

In its blog post, Upbit confirmed that the changes in the deposit and withdrawal amount will take effect starting April 22. Unfortunately, Upbit’s daily traded volume took a nosedive after the announcement, dropping from $3.5B to $2.05B in just a few hours.

Upbit temporarily ceases deposits and withdrawals exceeding 1M Won

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Contents
Photo Source: Dim Hou (Unsplash)

Crypto exchange Upbit has halted crypto transactions that exceed one million Won (equivalent to $722) following changes in the services provided by its VASP.

Earlier this week, Ten&Ten, the Virtual Asset Service Provider of Upbit, ceased its Travel Rule Solution facility. Since Ten&Ten was responsible for processing deposits and withdrawals worth more than 1M Won for Upbit, the termination of services at the VASP resulted in Upbit suspending all high-value transactions on its platform. 

In its blog post, Upbit confirmed that the changes in the deposit and withdrawal amount will take effect starting April 22. Unfortunately, Upbit’s daily traded volume took a nosedive after the announcement, dropping from $3.5B to $2.05B in just a few hours.

Ayush Pande

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

Crypto exchange Upbit has halted crypto transactions that exceed one million Won (equivalent to $722) following changes in the services provided by its VASP.

Earlier this week, Ten&Ten, the Virtual Asset Service Provider of Upbit, ceased its Travel Rule Solution facility. Since Ten&Ten was responsible for processing deposits and withdrawals worth more than 1M Won for Upbit, the termination of services at the VASP resulted in Upbit suspending all high-value transactions on its platform. 

In its blog post, Upbit confirmed that the changes in the deposit and withdrawal amount will take effect starting April 22. Unfortunately, Upbit’s daily traded volume took a nosedive after the announcement, dropping from $3.5B to $2.05B in just a few hours.

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Ayush Pande