Upbit Changes Withdrawal Method for Coins Under 1 Million Won… Withdrawals to Unregistered Exchanges Not Allowed
Summary
- Upbit announced that it will change the withdrawal method for coins under 1 million won.
- From February 13, withdrawals of digital assets where the deposit destination is not confirmed will be restricted.
- Withdrawals to unregistered exchanges will be blocked, and only to addresses with verified identities registered with Upbit will be allowed.
The domestic virtual asset (cryptocurrency) exchange Upbit announced on the 6th that it will change the withdrawal method for coins under 1 million won.
Upbit stated through its official channel, "To support safe withdrawals for customers, we will change the withdrawal method for digital assets under 1 million won starting February 13."
From February 13, withdrawals of digital assets under 1 million won, where the deposit destination is not confirmed, will be restricted. Withdrawals will only be possible to addresses verified through the Travel Rule solution or to addresses with verified identities registered with Upbit.
Due to this policy change, it is expected that withdrawals of Upbit assets to unregistered virtual asset exchanges like KuCoin, Phemex, and MEXC, which have been recently controversial, will be blocked.
YM Lee
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