Upbit Halts Large Deposits and Withdrawals with BitMEX Over Travel Rule

The Travel Rule was meant to make cross-exchange transfers traceable, but here it is the compliance link itself that has broken, not the assets. Upbit is effectively ring-fencing one counterparty rather than the market, so the practical damage is confined to users who move size between these two venues. The open question is whether BitMEX restores a Travel Rule connection or whether other Korean exchanges follow Upbit's lead, since fragmented compliance links push large flows toward venues that still interoperate.