S. Korea’s Bithumb exchange suspends withdrawal for unverified wallets

South Korea-based crypto exchange Bithumb announced Monday that it will suspend withdrawal services for unverified crypto wallet addresses starting January 27. In addition, the exchange will also require additional Know Your Customer (KYC) identity verification from now on as it looks to enforce FATF travel rules.

The move makes Bithumb the second crypto exchange in South Korea to enforce a ban of private addresses under travel rules. Last month, crypto exchange Coinone also announced a similar policy and suspended withdrawals for unverified external wallets.

Two out of the top four South Korean crypto exchanges have now enforced new rules required by the Korean Financial Intelligence Unit as the country looks to regulate the market. In March 2021, the financial regulators of the country required crypto exchanges to register with the Financial Services Commission (FSC) and open a bank account by September 2021.

By September, only 28 crypto exchanges were able to meet preliminary requirements prescribed under the new law. Meanwhile, only 4 out of the 28 exchanges, Upbit, Bithumb, Coinone, and Corbit are allowed to offer crypto trading services in Korean Won.

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