Upbit, a prominent cryptocurrency exchange in South Korea, is set to gradually resume its crypto deposit and withdrawal services. This decision comes after a thorough system evaluation, as emphasized in the official statement, aiming to enhance user security and restore the platform's full functionality.
Phased Resumption of Cryptocurrency Deposits
The phased resumption will commence at 2:00 PM UTC on December 3rd, focusing initially on six specific cryptocurrencies:
- ARK
- ICX
- Dogecoin
- SXP
- NEAR
- MINA
Users are advised to generate new deposit addresses, as all previous ones have been deleted to mitigate the risk of asset loss.
Impact on the South Korean Cryptocurrency Market
This cautious strategy is anticipated to bolster liquidity and rebuild trader confidence within the South Korean cryptocurrency market. By prioritizing security and operational integrity, Upbit aims to reassure its user base and strengthen its position in the competitive crypto landscape.
On December 4, 2023, Hana Financial Group announced a partnership with Dunamu to modernize remittance services using blockchain technology, contrasting with Upbit's recent resumption of crypto services. For more details, see read more.
