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Crypto exchange adds MINA/KRW pair, details inside
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| Last updated: November 28th, 2023
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- The performance of the new MINA/KRW pair did not disappoint traders.
- The exchange also put out guidelines that users need to be aware of when dealing with MINA.
On 24 October, South Korea’s leading crypto exchange Upbit announced the addition of MINA/KRW pair for traders. Notably, MINA is the native token of the Mina Protocol network.
Transaction support for MINA commenced on 24 October, enabling users to start buying and selling MINA. However, Upbit temporarily restricted buy orders for five minutes immediately after the launch of the trading pair. It took this step to ensure a smooth market entry.
The exchange similarly restricted market price and pre-orders for MINA during the initial hour of its launch.
Moreover, when users deposited funds from an exchange not included in the VV linkage list, Upbit took the initiative to review the reflection of deposits and potential refunds for deposits not being reflected. The VV linkage list includes account holder confirmation service linkage.
Users to adhere to certain guidelines
While introducing the new trading pair, Upbit underscored the importance of users confirming whether their wallet address is included in the list of virtual asset business operators.
The platform maintained a strict policy, only allowing deposits and withdrawals to personal wallet addresses that had successfully completed ownership verification.
Additionally, Upbit made it clear it has the authority to seek clarification regarding the source of funds when substantial digital asset deposits with unclear origins were made.
If the source of funds couldn’t be clarified by the beginning of transaction support, the deposit might not be reflected. Hence, users needed to pay careful attention to the source of their digital asset funds.
How did MINA/KRW react?
We assessed the performance of the MINA/KRW pair on the charts. Though it peaked upwards of ₩4,300 soon after trading began, it later couldn’t sustain the rally. At press time, it was trading at ₩1,550.
Likewise, its trading volume in the South Korean market plunged from ₩5.7 million to ₩313K.
Source: MINA/USD, TradingView
Meanwhile, the MINA/USD pair also surged by more than 80% following the announcement, trading at $0.848 at press time.
Source: MINA/USD, TradingView
