South Korean cryptocurrency exchange Coinone announced that it plans to stop allowing token withdrawals to unverified external wallets starting in January.
In an announcement made Wednesday, Coinone said that users would have from December 30 to January 23 to register their external wallets with the exchange, after which it would restrict withdrawals. The exchange specified that cryptocurrency users would only be able to register their own wallets, and that the verification process “may take some time” and could change in the future.
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According to the statement, Coinone planned to verify user names and resident registration numbers (issued to all South Korean residents) to ensure that crypto transactions “were not used for illegal activities such as money laundering.” . The exchange’s clients likely won’t be able to withdraw funds to their wallets without Know Your Customer, or KYC, safeguards. This restriction also applies to the popular hardware wallet, Ledger.
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