South Korea’s second-biggest exchange has become the latest to ban withdrawals to unverified personal crypto wallets. All Korean exchanges now face mounting pressure from banks and the government to follow suit.
late last month and the other major exchanges are Upbit and Korbit.
Withdrawals to any domestic centralized exchange and foreign centralized exchanges with a stringent KYC process such as Kraken, Bitstamp, Blockchain.com, Bybit, and Binance.US are still universally approved.that the exchange faced pressure from its partner bank, Nonghyup Bank, to make the policy change in order to comply with the FATF Travel Rule. The Travel Rule is designed to let financial institutions know the identity of the senders and receivers of funds across borders.
Every South Korean crypto exchange that offers Korean Won trading pairs is required to have a domestic partner bank that issues real-name bank accounts to its users. A partner bank can have a strong impact on the exchange’s policies, as is the case with Nonghyup to Bithumb and Coinone.
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