BingX listed as approved VASP by Upbit Korea under travel rule framework

BingX, a cryptocurrency exchange and Web3 AI company, has been officially listed by Upbit Korea as an approved virtual asset service provider (VASP) under the Travel Rule framework. This move enables users to transfer crypto assets seamlessly between BingX and Upbit Korea, two major players in the Asian digital asset market.
 

The integration is designed to streamline compliance with the Travel Rule, a regulatory requirement that mandates the sharing of information between exchanges during crypto transfers, aiming to curb illicit activity and enhance transparency in the sector.
 

Daniel Lai, Chief Business Officer at BingX, said, “This integration enhances our user experience by enabling smoother and more secure transfers of crypto assets between the platforms. We’re continuously improving platform connectivity and service reliability to ensure that our users enjoy a more efficient trading journey, and this development also reinforces our commitment to responsible innovation in the digital asset space.”
 

Upbit Korea, headquartered in South Korea, has been a dominant force in the country’s crypto market since its launch in 2017. The exchange is known for its high trading volumes and broad selection of listed assets, playing a significant role in shaping the local crypto ecosystem.
 

Founded in 2018, BingX serves over 20 million users globally and offers a suite of AI-powered products and services, including derivatives, spot trading, and copy trading. In 2024, BingX became the official crypto exchange partner of Chelsea Football Club, marking its entry into sports sponsorship.
 

Industry observers have noted the growing importance of cross-platform compliance in the digital asset space. “This is a positive step for market participants who are looking for greater interoperability between exchanges,” commented one crypto analyst on social media. Another user remarked, “Seamless transfers between major platforms like BingX and Upbit Korea will likely set a new standard for compliance and user experience.”