South Korean Exchange UPbit Resumes Deposits for KAVA and WAVES After Investment Warnings Removed

South Korean Exchange UPbit Resumes Deposits for KAVA and WAVES After Investment Warnings Removed

UPbit, a South Korean exchange, announced that the Digital Asset Exchange Association (DAXA) has removed investment warnings on KAVA and WAVES and resumed deposits for these assets. DAXA had issued warnings about KAVA and WAVES in the past when stablecoins linked to them were discovered to be “not normally linked to 1 dollar”. At the time, South Korean exchanges had attached an “investment warning” to these assets, warning their users about investing in them. However, upon review, DAXA no longer sees them as a significant risk and has resolved its reasons for designating them as caution items.

Deposits to be Reflected in Users’ Accounts

UPbit confirmed that deposits that happened when support for these tokens was suspended would be reflected in users’ accounts. DAXA is a collective of the top five crypto exchanges in South Korea, including UpBit, Bithumb, Coinone, Korbit, and Gopax. The association was formed after the Terra Luna collapse to prevent a similar recurrence. Since then, the exchanges jointly review digital assets and can delist those that do not meet their standards and designate them with investment warnings.

KAVA and WAVES Rise by Double Digits

Following the news, KAVA and WAVES have risen by double digits, according to CryptoSlate’s data. KAVA is up 13% in the last 24 hours and is trading for $1.21 as of press time. The token has enjoyed a positive run over the past month, rising more than 50%. The run has coincided with the launch of the Kava 13 mainnet and the introduction of GameFi and NFTs to its ecosystem. Meanwhile, WAVES rose 14.7% to $1.88 at the time of writing. Waves Labs had previously said the DAXA designation had negatively affected the token.

Founder Thanks the Community

Speaking on the new warning removal, Waves founder Aleksandr ‘Sasha’ Ivanov thanked the community, adding that “reason has prevailed”. This positive development is expected to boost investor confidence in KAVA and WAVES, both of which have shown steady growth in recent months.


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