Upbit, South Korea’s largest crypto exchange, has made an exciting announcement regarding adding a new digital asset to its platform. Starting on May 3rd, 2023, Upbit will introduce SUI (Sui Sui) for trading in the Korean won (KRW) and Bitcoin (BTC) markets.
This move marks a significant milestone as SUI becomes the first project to support domestic and international transactions.
However, due to the lack of existing trading data on other exchanges, determining the market price may pose some challenges. Investors are advised to exercise caution and make informed decisions when investing in SUI.
Upbit will implement certain restrictions during the initial phase of SUI trading to ensure a safe and secure trading environment. Firstly, for the first five minutes after the start of trading support, sell orders will be limited to prices below 90% of the standard price.
Additionally, buy orders will be restricted for the same period, and market prices and reserve orders will be limited for the first hour.
Deposit & Withdrawal Services For SUI On Upbit
Deposits for SUI will only be supported from the mainnet network, with deposits through other networks, such as Binance Smart Chain (BSC), not being accepted.
It’s worth noting that all SUI deposits made after the start of deposit support and before the reference price is registered on CoinMarketCap or before Upbit SUI transaction support will be subject to verification through the travel rule solution, regardless of the token’s price.
Upbit will announce the specific timing for supporting SUI deposit and withdrawal services once the network status has been thoroughly checked. However, users should be aware that the smooth operation and stability of the network are critical factors.
If deposits and withdrawals are suspended on overseas exchanges, it may also impact the deposit and withdrawal services on Upbit.
In order to comply with regulatory requirements, Upbit urges its users to ensure that their accounts are included in the list of deposit and withdrawal virtual asset providers supported by the exchange.
Deposits and withdrawals can only be made to personal wallet addresses that have completed the ownership verification process. Moreover, larger deposits of digital assets with unknown origins may require additional scrutiny to identify the source of the funds.
Nevertheless, Upbit’s decision to list SUI reflects its commitment to expanding its digital asset offerings and providing a trusted platform for cryptocurrency enthusiasts.
Traders and investors eagerly anticipate the commencement of SUI trading on May 4th, 2023, as they seek to explore the potential opportunities offered by this innovative blockchain project.