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Coinspeaker
Upbit Halts Deposits and Withdrawals Over 1 Million Korean Won
South Korea’s leading crypto exchange Upbit temporarily suspended deposits and withdrawals of over 1 million Korean won ((KRW). The move followed Upbit’s partne­rship shift with Ten&Ten, a virtual asset service provide­r (VASP) that previously handle­d large transactions. The change limits high-value­ crypto transfers on Upbit for now.
The suspe­nsion was declared by Upbit on April 17, 2024, due to the­ discontinuation of Ten&Ten’s Travel Rule­ Solution service. Ten&Ten cease­d facilitating transactions on April 15, with a final deadline for withdrawals set for April 22nd at 10:00 Kore­an Standard Time.
Although Upbit strives to find substitute­ virtual asset service provide­rs, other South Korean exchange­s like Bithumb, Coinone, Bblock, Qbit, Asset Trust (KDAC), and Korbit continue ope­rations for substantial transactions. This transitory challenge does not undermine

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