Upbit Suspends Digital Asset Deposits and Withdrawals for Certain VASPs

IconCryptoNewsTerminal Staff23 Aug, 2024

cryptonews.jpg

Upbit Suspends Digital Asset Deposits and Withdrawals for Certain VASPs

Upbit Halts Digital Asset Deposits and Withdrawals for Some VASPs In a recent announcement on its official website, Upbit informed its users that it would be discontinuing its deposit and withdrawal support service for digital assets valued over 1 million won. This decision stems from the termination of service and discontinuation of travel solution usage by Quibit, a virtual asset service provider (VASP) linked to the travel solution. Upbit emphasized that this measure only affects digital assets exceeding 1 million won and that deposits and withdrawals for smaller amounts will remain unaffected. The exchange also stated that it is actively seeking alternative solutions to minimize any inconvenience caused to its users. It is important to note that this suspension affects digital asset deposits and withdrawals only. Trading activities on the Upbit platform will continue to operate as usual. Upbit customers are advised to monitor the exchange's official channels for further updates on this matter.

Related News