From October 6, the Korean exchange Upbit will limit the withdrawal of users’ assets without identification to 1 million won, and from the 13th, it will stop serving such customers. This is due to new restrictions in South Korea.
South Korea’s largest cryptocurrency exchange announced changes to its customer verification system. They are linked to mandatory anti-money laundering (AML) requirements. The changes will take effect on October 6, limiting transactions to more than KRW 1 million ($ 850). And in another week, the assets of users who have not passed KYC will be completely frozen.
“After the completion of the verification, the limit of 1 million won will be lifted. Participants making payments less than 1 million won can proceed with identity verification later, ”the announcement said.
One week after the initial restrictions, starting October 13, Upbit will stop providing services to existing customers who have not completed the identification procedure. In addition, new users who sign up after October 6 will only be able to deposit and withdraw money after the verification is complete.
The company’s new policy is in line with South Korean regulations requiring local and foreign exchanges to provide invoices in the client’s real name through a local bank. Several major exchanges, including Binance, have removed trading pairs from KRW and removed Korean language support from their platforms.
