Upbit has blocked more than 1 million winning crypto transactions

Upbit, one of South Korea's largest crypto exchanges, will stop deposits and withdrawals of digital assets above 1 million won (about $721).

The move is in response to changes to virtual asset service provider (VASP) Ten and Ten, one of the leading deposit and withdrawal providers.

Crypto exchange Upbit announced in a blog post on April 17 that the reason for the ban on deposits and withdrawals was the suspension and termination of the use of Ten&Ten travel rule solution service.

Ten and Ten exchange services stopped trading support on April 15, and the last day to withdraw crypto assets is April 22 at 10:00 KST.

Ten and Ten has helped crypto exchanges win over 1 million and crypto deposits and withdrawals. Other VASPs that allow deposits and withdrawals over 1 million are Bblock, Gopax, FlatExchange, Aprobit, Prabang, Borabit, BTX, Flybit, Foblegate, Bithumb, Coinone, Korbit, Coredocs, GDAC, Hanbitco, Qbit, Korea Digital Asset Trust (KDAC). ), Oasis exchange.

In a report released on April 10, the European Union (EU) named Upbit second in market share after Binance at around 528.57 billion.

In the first quarter of 2024, the South Korean won (KRW) surpassed the US dollar in crypto trading volume. According to Kaiko data, KRW transactions on centralized exchanges totaled more than $456 billion, slightly exceeding the US dollar total of $455 billion.

Related: South Korean Police Arrest $4.1M Crypto Fraud Duo

Currently, South Korea's financial authorities are planning to release new guidelines in late April or early May at the latest that will impose stricter regulations on token listings on the central crypto exchange.

They prohibit the listing of digital assets on local exchanges with hacking incidents unless the cause is clearly identified.

After peaking in early March, Upbit's 24-hour trading volume has dropped to $3.8 billion. On March 5, Upbit recorded a daily trading volume of nearly $15 billion, the exchange's highest trading volume this year.

The increase in daily trading volume of the crypto exchange can be attributed to the fact that Bitcoin hit an all-time high of $69,200 on the same day.

Hong Kong's financial regulator has reportedly approved three spot Bitcoin ETFs, which are expected to be listed on the Hong Kong Stock Exchange within two weeks.

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