Friday, July 1

South Korean Cryptocurrency Exchanges Will Require Users To Verify Their Private Wallet Addresses By CoinTelegraph

© Reuters. South Korean crypto exchanges will require their users to verify their private wallet addresses

Major South Korean crypto exchanges including Upbit, Bithumb and Korbit will follow Coinone’s lead in banning transfers to unverified wallets, according to industry analysts.

Yesterday Coinone announced that it would reject unverified private wallet deposits from January 24 to reduce the risk of money laundering. All Korean exchanges, including Upbit, Bithumb, Korbit, and 20 others, are expected to apply similar or identical measures to Coinone before March 25. The Korean government has set a deadline for exchanges to accurately track currency transactions on and off their platforms.

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Korean blockchain industry analyst Jun Hyuk Ahn told Cointelegraph that “Korean exchanges are creating their own Rules of Travel solutions to meet post-March trading requirements.”

Read the full article on Cointelegraph

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