Upbit Launches LIT/KRW Market with Temporary Order Restrictions

Upbit is set to launch the LIT/KRW market for Lighter's utility token, LIT, on August 24 at 1:00 p.m. KST. This move comes with temporary order restrictions in place to regulate initial trading and liquidity. Only limit orders will be allowed during the first two hours after the announcement, while market orders will be enabled afterward.

The exchange has imposed specific rules for buying and selling LIT on its platform. Buy orders will be halted for 5 minutes if they exceed a certain threshold, and sell orders will be restricted if their price falls more than 10% below the reference price. The exchange may delay trading if there is insufficient liquidity.

It's worth noting that LIT deposits and withdrawals on Upbit can only be made through the Ethereum network. Additionally, South Korean Travel Rule restrictions apply to deposits and withdrawals, requiring private wallets to prove ownership. The exchange may request the source of funds for substantial deposits.