Upbit Suspends High Volume Crypto Transactions

Upbit, one of South Korea’s major crypto exchanges, has announced that it will temporarily suspend deposits and withdrawals of digital assets worth more than 1 million Korean won ($721).

The decision was made in response to changes in the virtual asset service provider (VASP) Ten&Ten, a local facilitator of deposits and withdrawals.

On April 17, Upbit released a statement stating that their suspension of use and termination of Ten&Ten’s Travel Rule Solution service was the reason behind their decision.

Ten&Ten had stopped transaction support on April 15, and the deadline for users to withdraw their crypto assets is April 22 at 10:00 am Korea Standard Time. Ten&Ten had previously helped Upbit offer crypto deposits and withdrawals of over 1 million won.