Announcement of suspension of large crypto transactions on Upbit
Date: 2024-04-18 Author: Henry Casey Categories: BUSINESS
On Wednesday, April 17, Upbit exchange customer support announced the suspension of large transactions due to requirements for licensed virtual asset service providers (VASPs).
Large operations cease from April 22
From April 22, the provision of Ten & Ten’s Travel Rule Solution exchange service for amounts exceeding 1 million won in both directions will be completely stopped. This step was a response to changes in the work of Ten & Ten, which provided support to exchange clients when making cross-border transactions with digital assets.
Compliance with FATF standards
The Financial Action Task Force (FATF) views the Travel Rule as one of the key standards in the fight against financial crime for regulated institutions.
Amendments from the South Korean Financial Services Commission (FSC)
Previously, the Financial Services Commission of South Korea (FSC) made amendments according to which new heads of crypto companies are required to obtain regulatory approval before starting to perform their duties.
