KYC Alert: Coinone to Stop Withdrawal to Certain Wallets, Other South Korean Crypto Exchange Might Follow
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South Korean cryptocurrency exchange Coinone plans to stop funds withdrawal to “unregistered” wallet addresses starting next month.
Starting 24th January, the platform will block withdrawal to “unverified” external wallets, such as MetaMask and Ledger without a KYC done. The company explained that its move is to ensure its crypto asset transactions or services are not used for illegal activities such as money laundering.
The platform added that it will also check its wallets to ensure that the customer’s real name and social security number matches with their wallet address.
At the request of the South Korean government, Upbit, Bithumb, Korbit and other major South Korean crypto exchanges are likely to announce similar restrictions.
Previously the Financial Intelligence Unit (FIU) of the Korean Financial Services Commission has approved Coinone as a virtual asset service provider
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