- Upbit lists WAL token in KRW BTC and USDT pairs with trading to begin after liquidity is confirmed.
- South Korea court allows Upbit to accept new users while legal case over regulatory ban continues.
- Walrus secures 140 million funding to expand its blockchain storage protocol and grow market reach.
Upbit has confirmed the listing of WAL, the token powering the Walrus blockchain storage protocol. WAL will be available in Korean won (KRW), Bitcoin (BTC), and Tether (USDT) trading pairs. The trading launch date has not yet been announced. The exchange stated that trading will begin after liquidity requirements are met.
The listing is part of Walrus’s broader expansion into key markets. Walrus, known for offering decentralized storage solutions, recently secured $140 million in funding. This financial backing supports its aim to improve how blockchain data is stored and managed. Upbit’s listing of WAL is expected to increase its accessibility and trading activity.
$140 Million Boost Supports WAL Expansion Strategy
The Walrus project is developed by the team behind Sui, a blockchain platform known for technical innovation. The $140 million funding round reflects investor trust in the Walrus team. With this capital, the project aims to scale development and expand utility across blockchain ecosystems.
The inclusion of WAL on South Korea’s top crypto exchange is seen as a milestone. It positions WAL within one of Asia’s most active crypto markets. Upbit emphasized that WAL deposits must be made only through the Sui network. Incorrect network use may result in failed transactions. For large deposits over $1 million, identity verification through Traveler will be required.
South Korean Court Grants Injunction in Upbit Case
The WAL listing comes as Upbit deals with regulatory challenges. A South Korean court has granted an injunction to temporarily lift a suspension on Upbit. The Financial Intelligence Unit (FIU) had previously issued a three-month ban. The ban prevented Upbit from onboarding new clients.
Upbit’s parent company, Dunamu, challenged the order in court. The injunction moves the suspension to 30 days after the final court judgment. This legal decision allows Upbit to resume accepting new users during the trial process.
Regulatory Scrutiny Highlights KYC and Transaction Issues
Authorities began investigating Upbit in October 2023. The probe focused on anti-monopoly concerns and Know Your Customer violations. Regulators later identified between 500,000 and 600,000 potential KYC breaches. These findings emerged during a review of Upbit’s business license renewal.
The FIU also accused Upbit of processing 45,000 transactions with unregistered foreign exchanges. These transactions may violate South Korea’s financial transaction laws. Upbit is currently cooperating with authorities while continuing to defend its operations.
South Korea Tightens Oversight on Crypto Platforms
South Korea has increased its efforts to monitor digital asset activity. The government now requires businesses handling cross-border crypto transactions to report to regulators. This step aims to combat tax evasion and prevent currency manipulation.
In line with these efforts, the FIU requested that app stores block access to 17 foreign crypto platforms. Google Play has already complied. The FIU is also working with Apple to restrict access through the App Store.
