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input: A cryptocurrency exchange in South Korea has reportedly halted withdrawals due to "technical difficulties." The exchange, known as Upbit, is said to be the largest in the country by trading volume.
According to local media outlet Money Today, the exchange experienced difficulties processing withdrawals on Monday morning. A message on the Upbit website is said to have informed users that withdrawals were being suspended "due to technical difficulties."
The report adds that the exchange had earlier announced plans to conduct maintenance work on Monday morning. However, the maintenance was reportedly completed as scheduled, and the exchange began processing both deposits and withdrawals.
Later on Monday morning, Upbit is said to have encountered difficulties processing withdrawals again. The exchange is yet to provide an official statement on the matter.
This news follows a recent report that another South Korean cryptocurrency exchange, Bithumb, had halted withdrawals for several hours on Sunday. The exchange later attributed the issue to a "network error."
Both Upbit and Bithumb are among the largest cryptocurrency exchanges in the world by trading volume. Together, the two exchanges account for the majority of cryptocurrency trades in South Korea.
The halting of withdrawals by major cryptocurrency exchanges in South Korea is likely to raise concerns among investors in the country. South Korea has one of the highest rates of cryptocurrency adoption in the world, and many investors rely on exchanges like Upbit and Bithumb to trade and store their digital assets.
Hopefully, the technical difficulties experienced by Upbit will be resolved soon, and investors will be able to resume withdrawing their funds from the exchange without further delay.output
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