- Upbit lists JasmyCoin, PolySwarm, and Bonk, expanding trading options across BTC, USDT, and KRW markets.
- New crypto listings on Upbit include JasmyCoin and PolySwarm on Ethereum, Bonk on Solana network.
- Upbit supports deposits and withdrawals for new tokens within 3 hours, ensuring network-specific compliance.
Upbit, South Korea’s largest cryptocurrency exchange, listed a variety of new token offerings on its platform across several markets. According to an announcement on November 20, the exchange had added JasmyCoin (JASMY), PolySwarm (NCT) and Bonk (BONK).
Upbit will begin trading JasmyCoin and PolySwarm on the BTC and USDT markets at 15:00 on the Ethereum network. Upbit will start trading Bonk on the KRW market at 12:30 today on the Solana Network.
The exchange will support deposits and withdrawals for these tokens on their respective networks within three hours of the announcement. Upbit has implemented several restrictions to ensure smooth trading. The exchange will restrict buy orders for about five minutes after trading begins.
Similarly, sell orders below 10% of the previous day’s closing price will be restricted for the same duration. It will restrict market and reservation orders for the first hour of trading.
Network-Specific Requirements for Transactions
Upbit emphasized that deposits and withdrawals must occur on specific networks. JasmyCoin and PolySwarm are supported on the Ethereum Network, while Bonk is supported on the Solana Network.
Users must verify ownership of their wallet addresses before making deposits. Deposits made through unsupported networks may face delays in processing refunds.
The exchange warned that refunds might take longer for deposits originating from ineligible exchanges. Upbit recently included 12 more cryptocurrencies, such as AGLD, FIL, NEAR, and XLM, for the USDT market.
Regulatory Investigation into Compliance Measures
Despite its expansion, Upbit has faced heightened South Korean regulatory scrutiny. The Financial Intelligence Unit is looking into accusations of not following Know Your Customer rules. Reports suggest that more than 500,000 accounts on the platform could be unverified. That has concerned money laundering risks and adequate exchange AML controls.
Upbit's investigation comes amidst efforts to renew its operating license, which is an important factor for the operation of its market. The global KYC regulations are designed to regulate financial transparency in line with the customers’ identities to prevent financial crimes.
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