Upbit Plans Massive Changes To Crypto Offerings

Upbit Plans Massive Changes To Crypto Offerings

South Korean crypto exchange Upbit announced on Wednesday that it would make some changes to its crypto offerings. It is likely that the Korean crypto exchange operator will end the partnership with US-based Bittrex.

Upbit might temporarily suspend support for several coins

On September 25, Upbit said that it would restructure its crypto services starting from October 25. The date coincides with the end of the current agreement with US-based crypto exchange Bittrex. Thus, it seems that Upbit is not planning to renew the contract.

For the last two years, Bittrex has allowed Upbit to provide a broader range of trading options compared to other South Korean exchange services. If Upbit ends the partnership with the US exchange, it might suspend the support for several tokens.

The Korean exchange explained in its statement:

“In the case of a market where some of the transaction support is suspended, we will resume the transaction support sequentially and will inform you of the suspension and resumption of transaction support in separate notices. Even if the support for the transaction is suspended, the deposit and withdrawal of the corresponding cryptocurrency during the transaction suspension period can be used normally.”

BTC, ETH, and USDT trading pairs will continue to trade on Upbit, though they will be reorganized. This might touch upon all trading pairs other than KRW ones, which do not depend on Bittrex. Besides, some cryptocurrencies might be delisted after the changes take effect.