Korean Exchange to Halt Crypto Withdrawals to Unknown Wallets

Written By Guest User

  • The South Korean cryptocurrency exchange “Coinone” has revealed plans to bar users from sending coins off the exchange to unverified wallets starting in January 2022.

  • Users of the Korean exchange have from December 30th 2021 to January 23rd 2022 to register their private wallets with the exchange. After the deadline has been reached, withdrawals to private wallets will be restricted.

  • The exchange plans to verify user identities and private information along with their exchange and private wallet information to ensure that cryptocurrency is “not used for illegal activities such as money laundering.”

  • These events come as part of the South Korean government’s greater effort to regulate the cryptocurrency industry in the country. Earlier this year the South Korean National Assembly passed a bill forcing exchanges to report operations and user data to the government

Guest User
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