Upbit Limits One-day Deposit to 500 Mil. Won

Upbit, a Korean cryptocurrency exchange, has limited one-time and one-day Korean-won deposits to 100 million won and 500 million won, respectively. The exchange took the action at 3:30 p.m. on April 26.

Previously, members with accounts under their real names could deposit money unlimitedly. Upbit explains that it has set the limits in compliance with financial institutions' policies related to the prevention of money laundering and financial frauds.

Under the new rule, a user will not be able to deposit more than 100 million won per time and 500 million won per day, respectively, from the time of initialization of deposit limits (every midnight).