South Korean crypto exchanges to follow Coinone in verifying private wallets
South Korean exchanges will require users to verify their third-party wallet addresses to help the country comply with FATF travel rule guidelines. Major South Korean crypto exchanges including Upbit, Bithumb and Korbit will follow Coinone's lead in banning transfers to non-verified wallets, industry analysts say. Yesterday Coinone announced that it would reject deposits from unverified private wallets starting Jan. 24 to reduce the risk of money laundering. All Korean exchanges, including Upbit, Bithumb, Korbit and 20 others, are expected to implement similar or identical measures as....
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The exchange plans to verify users’ names and resident registration details to ensure crypto transactions were “not used for illegal activities such as money laundering.” South Korean crypto exchange Coinone has announced it plans to no longer allow withdrawals of tokens to unverified external wallets starting in January.In a Wednesday announcement, Coinone said users would have from Dec. 30 to Jan. 23 to register their external wallets at the exchange, after which time it would restrict withdrawals. The exchange specified that crypto users could only register their own wallets, and the....
Bithumb users in South Korea have just two days to perform another round of KYC in order to whitelist their personal wallets, or crypto withdrawals will be blocked. Starting on Jan. 27, the South Korean crypto exchange Bithumb will not allow users to withdraw their crypto assets to unverified private wallets.On Jan. 24, the exchange announced that it would be the second of the four major exchanges in the country to ban withdrawals to unverified wallets. Coinone enacted a similar policy late last month and the other major exchanges are Upbit and Korbit.The new policy states that users may....
LABEL Foundation (LBL) has been listed on South Korean digital asset exchange Coinone. The listing is a huge milestone for the project given that South Korea possesses some of the strictest crypto listing regulations worldwide. The process involves in-depth reporting and high-level scrutiny from local financial watchdogs, all of which LABEL Foundation has successfully passed to be listed on Coinone. Crypto exchanges like Coinone are among the few left after the market shutdown that saw most crypto exchanges in the region shutter their doors due to the inability to comply with strict....
Upbit is one of South Korea’s largest cryptocurrency exchanges alongside Bithumb, Coinone and Korbit — who are collectively referred to as “The Big Four.” Major South Korean cryptocurrency company Upbit has reportedly submitted a business report with the Korean Financial Intelligence Unit (FIU).Upbit reported its digital asset business to the FIU, which operates under South Korea’s top financial regulator, the Financial Services Commission (FSC). Upbit’s operator, Dunamu, announced the news on Friday, The Korea Economic Daily reported.Upbit is one of South Korea’s largest cryptocurrency....
Upbit exchange paid 10 times more in fees to South Korean internet bank K bank Q1 2021 than in the previous quarter. As cryptocurrency markets grew in the first quarter of 2021, South Korean banks saw record volumes of deposits and withdrawals to local crypto exchanges.South Korean commercial banks processed 64.2 trillion won ($57.9 billion) of transactions on real-name bank accounts linked to crypto exchanges in Q1 2021, according to data from Financial Supervisory Service acquired by Democratic Party member Kim Byung-wook. The Q1 results comprise data from lenders like Shinhan Bank,....