Share this article
Crypto Exchange Upbit Sets Withdrawal Delay in Bid to Tackle Fraudsters
The South Korea-based exchange has announced a 24-hour cryptocurrency withdrawal delay in an effort to protect user accounts from malicious attacks.
Updated Sep 14, 2021, 10:35 a.m. Published Nov 27, 2020, 9:57 a.m.
South Korea-based exchange Upbit has announced a limited cryptocurrency withdrawal delay in an effort to protect user accounts from malicious attacks.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Scheduled to take effect on Nov. 28, the new restriction will only allow users to withdraw digital assets equal in value to the total of Korean won (KRW) deposited 24 hours after a withdrawal was requested.
The withdrawal delay is only applicable to cash deposits that are exchanged for cryptocurrency. There is no time limit on Korean won (KRW) withdrawals corresponding to KRW deposits. Similarly, users can deposit digital assets and withdraw KRW or digital assets within 24 hours.
"If a member with a balance of 0 won in an Upbit account deposits 1 million won and requests withdrawal of a digital asset worth 1 million won before 24 hours, the withdrawal will not work. However, after 24 hours of deposit, you can withdraw digital assets worth 1 million won at the time of withdrawal application without such restrictions," according to Upbit's notice on Friday.
Also read: OKEx Sees Biggest Bitcoin Outflow in 6 Months Soon After Resuming Withdrawals
The new rule is aimed to help the exchange block financial frauds in advance. Bithumb specifically cites the issue of "voice phishing" – a form of scam that attempts to trick victims into giving up sensitive financial information over the phone. Presumably, the delay gives users a chance to block fraudsters when they receive notification of a pending withdrawal.
"We plan to create a reliable digital asset investment environment by taking a closer look at changes in the types of financial fraud and continually strengthening preventive measures,” an Upbit official said.
Sizin için daha fazlası
Bilinmesi gerekenler:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Sizin için daha fazlası
Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
Bilinmesi gerekenler:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
Top Stories
