Starting January 27, South Korean crypto exchange Bithumb will no longer allow users to withdraw their crypto assets to unverified personal wallets.
On January 24, Bithumb announceThat it will be the 2nd out of 4 major exchanges in the country to ban withdrawals to unverified wallets. Coinone previously announced a similar policy late last month. and other major exchanges include Upbit and Korbit.
The new policy states that Users can only register their own personal wallet. to proceed with the registration process The user will have to go through additional verification of the customer’s identity.
As for withdrawals to domestic centralized exchanges and offshore centralized exchanges, strict KYC processes are required, with Kraken, Bitstamp, Blockchain.com, Bybit, and Binance.US being internationally approved.
Money Today reportThe exchange faces pressure from partner Nonghyup Bank to change its policy to comply with the FATF’s Travel Rule. The Travel Rule is designed to make financial institutions aware of the identity of senders and payees. cross border
All South Korean crypto exchanges with Korean Won (KRW) pairs must have a partner bank in the country that issues a bank account with the user’s real name. This allows partner banks to have a huge impact on the exchange’s policies, as does Nonghyup with Bithumb and Coinone.
While Upbit and Korbit have not released any policy changes related to personal cryptocurrency wallets, neither Upbit nor Korbit have released any reports. The exchange must set those policies by March 25.
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