The South Korean exchange Upbit, a leading platform in the cryptocurrency market, has officially confirmed the Upbit Monad Listing, adding trading pairs with Korean Won (KRW), Tether (USDT), and Bitcoin (BTC). The platform indicated that trading for the Monad (MON) token will commence at 00:00 on November 25. Furthermore, it issued a detailed set of guidelines, including a temporary five-minute restriction for initial buy orders and a limitation to only limit orders during the first two hours, emphasizing operational caution for its users.
This launch occurs at a crucial time of intensifying regulatory pressure in South Korea, with the Financial Intelligence Unit (FIU) increasing its investigations and sanctions on local exchanges for failures in complying with AML (Anti-Money Laundering) and KYC (Know Your Customer) standards. Upbit has implemented strict protocols, warning that deposits must originate from the designated Monad network and only verified personal wallet transfers will be accepted. This underscores the platform’s rigorous approach to the travel rule and the verification of fund origins, especially for large or unidentified deposits.
The token’s liquidity must be closely monitored, as Upbit warned that the start of trading could be delayed if MON does not reach a sufficient limit after the activation of deposit and withdrawal services. Additionally, the market anticipates that the FIU will continue its cycle of inspections and potential sanctions against other major platforms such as Korbit, GOPAX, Bithumb, and Coinone, maintaining a rigorous regulatory focus on the South Korean crypto ecosystem.
Source: https://upbit.com/service_center/notice?id=5790
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