Upbit is one of the most popular crypto exchanges currently. This popular exchange site is based in South Korea and is one of the largest crypto exchanges in South Korea. Recently this exchange site announced suspension of digital assets deposits and withdrawals of huge amounts. This digital asset is worth more than 1 million Korean won ($721). The move was originally said to be in response to changes at virtual asset service provider (VASP) Ten&Ten. And such a move has resulted in the announcement of a moratorium on deposits and withdrawals.
In this regard, the Upbit Exchange site authorities released a statement in this regard yesterday and they said that the reason behind the decision to suspend and terminate the use of Ten&Ten's Travel Rule Solution service is to stop deposits and withdrawals. Because last few days ago on 15th Tathagata Ten&Ten exchange services stopped transaction support. They stopped supporting the transaction services as well as set a deadline for them, which is basically the deadline for withdrawing crypto assets on April 22 at 10am KST.
However, the announcement was mainly about suspending digital asset deposits and withdrawals of up to one million Korean won. Ten&Ten even helped crypto exchanges offer crypto deposits and withdrawals of over 1 million won. However, there are other VASPs that allow deposits and withdrawals of over 1 million won.
However, an interesting fact is that it is currently the second most upbeat market share after Binance based on estimated trading volume among all exchange sites within the European Union. Upbit has an estimated trading volume of around 528.57 billion in the European Union. However it has become very popular nowadays. Another interesting fact is that the South Korean Won has surpassed the US Dollar in crypto trading volume. And this happened mainly within the first three months of this year. Basically this amount of transaction has been completed by Korean One.
A report showed that Korean won trading on centralized exchanges totaled more than $456 billion in the first three months of this year, slightly higher than the US dollar's cumulative volume of about $455 billion. But another important point is that as early as next month, the country plans to publish regulations for all exchange sites operating in the country. The country's financial authorities are considering issuing new guidelines imposing such stringent regulations. And it could be as early as next month for the token listing on the centralized crypto exchange. But here's another thing that the country's financial authorities want to first thoroughly determine the root cause, and until they can very precisely determine the root cause, the authorities will ban listing of digital assets with hacking incidents on domestic exchanges. Anyway, if you want to know more details about it, then you can read this news.