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.
