One of the largest cryptocurrency exchanges in South Korea, Upbit, has published a notice about the suspension of support for the deposit and withdrawal of digital assets for transactions larger than 1 million won ($721).

Upbit customer support made the announcement on Wednesday, April 17th. Reason for suspension of large operations: requirements for licensed virtual asset service providers (VASPs). From April 22, the provision of Ten & Ten's Travel Rule Solution exchange service in both directions for amounts exceeding 1 million won will be completely stopped.

This step was a response to changes in the work of Ten & Ten, which provided support to crypto exchange clients when making cross-border transactions with digital assets.

The Financial Action Task Force (FATF) lists the so-called “travel rule” as one of the key financial crime standards for regulated institutions.

Previously, the Financial Services Commission of South Korea (FSC) made amendments according to which new heads of crypto companies will be required to obtain regulatory approval before taking up their official duties.