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MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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Korean crypto exchange Upbit to halt withdrawals for unverified users

Major South Korean crypto trading platform Upbit will start gradually limiting services for unverified users this week.

South Korean cryptocurrency exchange Upbit will soon halt services for unverified users.

On Saturday, the company officially announced a set of changes to its customer verification system in compliance with South Korea’s mandatory Anti-Money Laundering (AML) requirements.

According to the announcement, Upbit will start gradually limiting services for unverified users this week, restricting unverified customers from transacting more than 1 million Korean won ($850) at a time, effective Wednesday, Oct. 6.

“Once customer verification is completed, the 1 million won limit will be lifted; members who submit an order with less than 1 million won can proceed with customer verification at any time,” the firm said.

In a week after initial AML restrictions, Upbit plans to place more limits for unverified users. Effective Oct. 13, Upbit will stop trading services as well as deposits and withdrawals for existing customers who have not completed customer verification. “Once customer verification is completed, trading and deposit or withdrawal transactions will be resumed,” Upbit noted.

The announcement also states that new users who sign up after Wednesday will only be able to deposit and withdraw after completing verification. The exchange also advised processing verification through K Bank, Upbit’s official fiat on-ramp provider. “Withdrawal procedures to other banks will be notified later through a separate notice,” the announcement reads.

Related: South Korean crypto tax delay thwarted

Upbit is one of South Korea’s largest cryptocurrency exchanges alongside Bithumb, Coinone and Korbit, making up more than 80% of the local cryptocurrency market.

The firm’s new customer verification policies come in line with South Korea’s AML regulations requiring both local and foreign exchanges to provide real-name accounts through a local bank. The Financial Services Commission required crypto exchanges in South Korea to submit requests for an official operating license by Sept. 24. Some major exchanges, including Binance, subsequently halted KRW trading pairs and removed Korean language support from their platforms.

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