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Upbit “Travel rules take effect from March 25 … First, we only support withdrawals from domestic exchanges”

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Source = G-Hyeon Ham / Koindesk Korea
Source = G-Hyeon Ham / Koindesk Korea

Virtual Asset Exchange Upbit (Operator Dunamu) will fulfill its travel legal obligations under the Specific Financial Information Act (Special Law) from March 25th. At the beginning of the implementation, only withdrawals for domestic virtual asset providers compatible with Lambda 256’s solution VerifyVASP will be supported. ‘Direct withdrawals’ to Upbit Indonesia and Singapore are currently limited.

Refreshment on the 24th WebsiteThis is to draw the attention of the users one month before the date of implementation of the Travel Rule Liability as per the Special Act, before any change in the deposit and withdrawal methods as per the implementation of the Travel Rule.

Travel Rule is a system in which virtual asset business operators identify and report the identity of sender and recipient when a virtual asset transaction of more than 1 million is reported to the financial authorities.

Accordingly, users wishing to withdraw KRW 1 million or more digital assets in the KRW conversion must provide the recipient’s identity information.

Upbit supports deposits and withdrawals only for domestic exchanges introduced by Lambda 256’s Verify VASP from 00:00 on March 25th. By linking the Lambda 256 and CODE’s solution, the code alliance exchange can be included in the target. In the future, Upbit plans to expand its investment and withdrawal targets to foreign exchanges where the Travel Rule solution applies.

However, it has not yet been revealed how much money can be withdrawn from domestic and foreign exchanges.

Direct withdrawals to Upbit overseas exchanges will also be suspended. Upbit will not support direct withdrawal activity for Indonesia and Upbit Singapore until the Travel Rule Solution for Open Application Interface (Open API) withdrawal applies.

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Upbit is subject to travel law enforcement dates. Updated Terms of UseAnd will also apply.

As a representative, Article 5 (conclusion of the Terms of Use), paragraph 2, No. 8, etc. are newly established, and the business is conducted only in cases of nationality or residence in a country listed in the data of a public trust. It is used to assess national risks under the Special Provisions Act.

For reports and press releases, contact contact@coindeskkorea.com

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