South Korean cryptocurrency exchange Upbit will stop unverified user withdrawals

South Korean cryptocurrency exchange Upbit will soon stop providing services to unverified users.

On Saturday, the company officially Announce A series of changes have been made to its customer verification system in accordance with Korea’s mandatory anti-money laundering (AML) requirements.

According to the announcement, Upbit will gradually restrict the provision of services to unverified users starting this week, restricting unverified customers to more than 1 million won (850 U.S. dollars) in one transaction, effective Wednesday, October 6.

“Once the customer verification is completed, the 1 million won limit will be removed; members who submit orders with an amount less than 1 million won can perform customer verification at any time,” the company said.

Within a week after the initial AML restriction, Upbit plans to place more restrictions on unauthenticated users. Starting from October 13, Upbit will stop providing transaction services and deposit and withdrawal services for existing customers who have not completed customer verification. “Once customer verification is complete, transactions and deposit or withdrawal transactions will resume,” Upbit pointed out.

The announcement also pointed out that new users who register after Wednesday can only deposit and withdraw money after completing verification. The exchange also recommends processing verification through Bank K, Upbit’s official legal entrance providerThe announcement read: “The withdrawal procedures of other banks will be notified through a separate notice later.”

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Upbit is one of the largest cryptocurrency exchanges in South Korea, alongside Bithumb, Coinone and Korbit, and accounts for more than 80% of the local cryptocurrency market.

The company’s new customer verification policy complies with South Korea’s anti-money laundering regulations Real-name accounts are provided for local and foreign exchange Through the local bank.Financial Services Commission The required cryptocurrency exchange in South Korea Submit a request for a formal operating permit before September 24.Subsequently, some major exchanges including Binance Stop the Korean won trading pair and delete the Korean language Support from their platform.