Filecoin’s FIL token spiked by 30% after South Korean exchange Upbit started listing FIL trading pairs.
The token rose to as high as $3.49 from $2.71 on Coinbase and was recently trading around $3.00. Daily trading volume increased by 68% to $303 million, according to CoinMarketCap.
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Upbit said in a tweet that the FIL/KRW trading pair went live at 07:30 UTC.
Tokens listed on South Korean exchanges often trade at a premium because strict financial controls in Korea means that it is difficult for capital to flow in and out of the country, leading to a lack of arbitrage opportunities.