South Korea’s leading exchange, Upbit launches Bitcoin and USDT markets for MEW

South Korea’s leading exchange, Upbit, is set to expand its offerings by launching Bitcoin and USDT markets for Cat in a Dog’s World (MEW). The platform will start taking deposits and providing trading support on September 19th. The announcement included information and trade restrictions governing the new offerings.

Upbit announced the launch of MEW trading in Bitcoin and USDT markets in an official press statement. The South Korean digital exchange platform detailed vital information related to its new offerings, and users received instructions on how to trade digital assets.

Upbit announces support for new digital asset trading 

신규 디지털 자산 캣인어독스월드(MEW) 거래지원 안내

✅ 지원 마켓: BTC, USDT 마켓
???? 거래지원 개시 시점: 2024-09-19 19:00 예정

???? 공지 바로가기:https://t.co/yxs43Mef1C#Upbit #MEW pic.twitter.com/p866mMl8yX

— Upbit Korea (@Official_Upbit) September 19, 2024

Upbit announced it will list Cat in a Dog’s World (MEW) on its exchange. The listing will enable MEW trading in BTC and USDT markets. The announced developments will enable traders to trade MEW using Bitcoin and USDT exclusively.

MEW trading is set to be supported on the Solana network, with traders getting in on the action starting on September 19th. The press release stated that Upbit would start taking deposits for the new digital assets from 18:44 KST (Korea Standard Time). The announcement also stated that trading support for the new digital assets would start at 19:00 KST on the same day. 

Upbit’s release also featured a list of restrictions that would affect the trading of the new digital assets. According to the update, prices for trading restrictions are determined based on the prices provided by CoinMarketCap.

The statement also mentioned that buy orders would be restricted for approximately 5 minutes after trading support began.

Additionally, Upbit explained that sell orders for prices 10% lower than the previous day’s closing price would be restricted for about 5 minutes after trading support began. The release also stated that market and reserved orders would be restricted for approximately 1 hour after trading support began. 

Upbit urged users to take caution as the trading process is limited. The release warned users to be cautious when making deposits and withdrawals as the process has limited support.

Upbit’s statement urged users to use the supported network (MEW-Solana). The press statement claimed that deposits that cannot be processed, and those exchanges not listed as virtual asset providers may take longer to process. The exchange’s notice also stated that as per the terms of use, proof of the source of funds may be requested in case of large deposits of digital assets with unclear sources.

Upbit provides more information on the new digital asset

$mew now listed on the no. 1 digital asset exchange in korea… ????????

????????????✨https://t.co/dEHv5Eym9S pic.twitter.com/wKIEQWwsd5

— MEW (@MewsWorld) September 19, 2024

Upbit’s announcement expounded on MEW, identifying the asset as a meme coin issued on the Solana network in March 2024 and the first meme coin listed on the platform in a long while. The release clarified that MEW was limited in token utility but was set to expand its use cases as its community-based ecosystem grows.

Upbit’s release urged users to trade with consideration of the risks posed in mind. The announcement reiterated that users should note that digital assets are high-risk investments subjected to prompt price fluctuations due to many influential factors in the financial markets. The notice urged users to familiarize themselves with the digital assets before investing in them.