Coinone has publicized its plans to deny withdrawals of tokens to unverified external wallets starting in 2022.
Coinone stated that users would have a time frame to register their external wallets at the exchange, after which time it would restrict withdrawals. The exchange stated that crypto users could only register their own wallets, and the verification process “may take some time” and could change in the future.
Coinone plans to verify users names and resident registration numbers issued to all residents of South Korea to ensure crypto transactions are not used for illegal activities such as money laundering. Customers at the exchange likely won’t be able to withdraw funds to wallets without KYC, safeguards. This restriction also applies to the popular hardware wallet Ledger.
Many exchanges, including Bithumb, have since announced restrictions and stronger KYC and Anti-Money Laundering, or AML, checks in response to Korean lawmakers’ push to regulate crypto.
