South Korea’s Upbit Crypto Exchange Cancels Bittrex Orderbook Partnership
On Friday, SouthKorean crypto exchange announced that it had called off its partnership with the US-based exchange Bittrex. The recent news comes just days after the exchange announced it was restructuring its services. The exchange stated that it was reorganizing its Bitcoin, Ether as well as Tether markets.
According to Cointelegraph, in the last two years, Bittrex has permitted Upbit to offer a wide range of trading alternatives than other exchanges in South Korea. This announcement coincided with the end of the partnership and it seems that Upbit has decided not to renew the agreement. If the exchange fails to renew the Bittrex partnership, it is likely that it will halt support for various tokens.
Due to suspension of the partnership with Bittrex, Upbit says that while BTC, ETH as well as USDT trading peers shall continue to trade on the platform, there will be some changes. This will be on the trading pairs apart from KRW that does not depend on Bittrex.
Meanwhile, Upbit is expected to list Kakao’s Klaytn. The crypto was created by the Korean messaging giant using their blockchain platform Ground X. this is expected to be Upbit’s inaugural addition after calling off the Bittrex’s partnership.
Klaytn revealed in early September that the coin will be listed on Upbit Indonesia as well as Upbit Singapore before the month ends.
The new changes or reorganization comes just days after the exchange was pressured to delist all the privacy tokens by the South Korean government that said it was doing so to comply with FATF. The regulation also affected OKEx as well.
Recently, Upbit was featured as one of the best exchanges in a report released by Blockchain Transparency Institute.
The new developments comes as a blow to Bittrex which has been facing hard times of late. The exchange closed down its New York operations after it failed to obtain an operating licence. However, the exchange has been able to successfully deploy Chainalysis compliance solution and will be able to observe large volumes of crypto activities. This will help flag off high-risk transactions within the platform.