The suspension of Ten&Ten’s Travel Rule Solution service led to Upbit halting deposits and withdrawals exceeding the equivalent of $721.
Upbit — one of South Korea’s largest crypto exchanges — will suspend deposits and withdrawals of digital assets of more than 1 million Korean won ($721).
The move comes in response to changes to the virtual asset service provider (VASP) Ten&Ten, one of the local facilitators of deposits and withdrawals.
In an April 17 announcement, Upbit said the suspension of use and termination of Ten&Ten’s Travel Rule Solution service is the reason behind its decision to halt deposits and withdrawals.