Upbit announced that users will not be able to withdraw to overseas exchanges starting March 25
2022/02/25 01:38According to Coindesk Korea, South Korea’s largest cryptocurrency exchange, Upbit, announced that it will begin fulfilling its Travel Rule obligations on March 25. At the beginning of implementation, withdrawals are only supported to domestic virtual asset providers that are compatible with the Lambda 256 solution VerifyVASP. The "Direct Withdrawal" function of Upbit Indonesia and Singapore will be temporarily limited. In the future, Upbit plans to expand the objects of deposit and withdrawal support to overseas exchanges that apply the Travel Rule solution, but at present, there are several exchanges at home and abroad that can withdraw cash.
The Travel Rule is a system in which virtual asset operators report to the financial authorities after grasping the identity information of the sender and recipient when a virtual asset transaction of KRW 1 million or more occurs.
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