Korean exchange Coinone will require verification of external cryptocurrency wallets when making withdrawals

Korean exchange Coinone will require verification of external cryptocurrency wallets when making withdrawals
Coinone, one of South Korea’s cryptocurrency exchanges, has announced that it will not allow cryptocurrency withdrawals from the exchange to unverified external wallets.

The change comes into effect on 24 January 2022. This means that Coinone users will have to register their third-party wallets or they will no longer be able to withdraw their cryptocurrencies from the exchange.

For wallets such as MetaMask and Ledger, which do not require KYC, Coinone users will not be able to withdraw their funds from the exchange.

To withdraw your tokens from the exchange, you will need to use a third-party wallet such as those offered by exchanges like Binance and FTX (KYC required), which can be verified by Coinone.

Why the change?

Coinone said it needs to make sure customers are not using cryptocurrencies for illegal activities such as money laundering. Therefore, it requires customers to register and verify their external wallets in order to withdraw money.

Coinone customers must provide information such as their name, email address and mobile phone number to verify their external wallet. This information must be the same as the information recorded during the Coinone exchange registration. This means that customers cannot register an external wallet on someone else.

Korean regulators have taken a number of steps to curb illegal crypto transactions. Recently, crypto exchanges in the country have been required to take measures such as archiving transaction data, reporting suspicious transactions and performing KYC to verify customer identity.

It is likely that in the wake of Coinone, other major Korean cryptocurrency exchanges, including Upbit, Bithumb and Korbit, will announce similar restrictions.

31/12/2021 – Mr.Advice NEWS


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