Coinscreed
  • Home
  • News
    • NFT News
    • Metaverse News
    • Bitcoin News
    • Ethereum News
    • Altcoin News
    • DeFi News
    • Blockchain News
    • Web3 News
    • Press Release
    • Hacks and Scams
    • Sponsored Post
  • Stories
    • Interviews
    • Secret Lives
    • My Life in Crypto
  • Market Analysis
  • Learn
    • Bitcoin
    • Ethereum
    • Cryptocurrency Exchange
    • NFTs
    • DeFi
    • Web3
    • Metaverse
    • Blockchain
    • Trading
    • Crypto Guide
  • Quizzes
Advertise
No Result
View All Result
  • bitcoinBitcoin(BTC)
    $0.00-0.23% 24H
    BITCOIN
    24H : -0.23%
    Volume : $0.00
    Marketcap : $0.00
  • ethereumEthereum(ETH)
    $0.000.570% 24H
    ETHEREUM
    24H : 0.570%
    Volume : $0.00
    Marketcap : $0.00
  • binancecoinBNB(BNB)
    $0.00-0.50% 24H
    BNB
    24H : -0.50%
    Volume : $0.00
    Marketcap : $0.00
  • rippleXRP(XRP)
    $0.000.880% 24H
    XRP
    24H : 0.880%
    Volume : $0.00
    Marketcap : $0.00
  • cardanoCardano(ADA)
    $0.001.22% 24H
    CARDANO
    24H : 1.22%
    Volume : $0.00
    Marketcap : $0.00
  • terra-lunaTerra Luna Classic(LUNC)
    $0.00-1.73% 24H
    TERRA LUNA CLASSIC
    24H : -1.73%
    Volume : $0.00
    Marketcap : $0.00
Coinscreed
  • Home
  • News
    • NFT News
    • Metaverse News
    • Bitcoin News
    • Ethereum News
    • Altcoin News
    • DeFi News
    • Blockchain News
    • Web3 News
    • Press Release
    • Hacks and Scams
    • Sponsored Post
  • Stories
    • Interviews
    • Secret Lives
    • My Life in Crypto
  • Market Analysis
  • Learn
    • Bitcoin
    • Ethereum
    • Cryptocurrency Exchange
    • NFTs
    • DeFi
    • Web3
    • Metaverse
    • Blockchain
    • Trading
    • Crypto Guide
  • Quizzes
Advertise
No Result
View All Result
Coinscreed
No Result
View All Result
Home News

South Korea to prohibit withdrawals from its exchanges to non-KYC’d wallets

Joy Dahunsi by Joy Dahunsi
1 year ago
in News
Reading Time: 2 mins read
A A
Share on FacebookShare on Twitter
South Korea is already leading the space with some of the strictest policies for crypto platforms, with the new proposal of blocking virtual currency transactions from anonymous sources, it hopes to combat illegal activities and money laundering.
South Korea to prohibit withdrawals from its exchanges to non-KYC’d wallets

By bringing crypto exchanges and businesses under the law, South Korea has risen to become the world’s leading crypto regulatory nation.

The country was one of the first to implement the most recent anti-money laundering (AML) legislation, which resulted in the shutdown of hundreds of small and medium-sized cryptocurrency exchanges.

SuggestedArticles

NYU, NEAR protocol partner to launch Web3 learning workshop

NYU, NEAR protocol partner to launch Web3 learning workshop

7 hours ago
Alameda wallets transfer FTT tokens worth millions

Alameda wallets transfer FTT tokens worth millions

7 hours ago

South Korea is planning to outlaw all virtual currency transactions coming from anonymous sources in order to combat the use of crypto for illegal activities and money laundering. A new “Travel Solutions Rule” has been proposed by the country’s regulatory agency.

Korean Gov: I’m going to prohibit withdrawals from Korean exchanges to non-KYC’d wallets like Metamask by March 2022.

Degens: So no more DeFi, NFT, DAO for Koreans? 😞

Korean Gov: No exceptions. Every blockchain wallet must be KYC’d.

Nice job Korea!https://t.co/i4Hicr9pEO

— Ki Young Ju 주기영 (@ki_young_ju) December 10, 2021

From March 2022, the new Travel Solution Rule will prevent withdrawals from Korean exchanges to non-KYC’d wallets like Metamask. There will be no exceptions after the deadline, according to the regulatory office.

“In the future, when exchanges transmit virtual assets such as Bitcoin or Ethereum, ‘who sent and who received’ records are kept. Transfers will only be possible between ‘licensed exchanges’.”

According to local reports, 14 South Korean exchanges are yet to apply for a license under the new restrictions. The four biggest crypto platforms, Upbit, Korbit, Coinone, and Bithumb, are among the fourteen exchanges. The new measures, according to the regulatory agency, will prevent tax avoidance.

Tags: #cryptocurrency exchange#KYC#South Korea#Withdrawal

Oh hi there 👋
It’s nice to meet you.

Sign up to receive a weekly round-up of the latest happenings in the crypto space!

We don’t spam! Read our privacy policy for more info.

Please check your inbox or spam folder to confirm your subscription.

Coinscreed

Copyright © 2022 Coinscreed

Navigate Site

  • About
  • Advertise
  • Contact Us
  • Partners
  • Privacy & Policy
  • Crypto Price Charts

Follow Us

No Result
View All Result
  • Home
  • News
  • Stories
    • Interviews
    • My Life in Crypto
    • Secret Lives
  • Market Analysis
  • Learn
    • Bitcoin
    • Blockchain
    • Crypto Guide
    • Cryptocurrency Exchange
    • DeFi
    • Ethereum
    • Metaverse
    • NFTs
    • Trading
    • Web3
  • Contact Us

Copyright © 2022 Coinscreed

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.

Join our Telegram Channel 

Stay on top of Crypto News! Get Daily updates

Invalid email address
We promise not to spam you. You can unsubscribe at any time.
Thanks for subscribing!