Crypto Exchanges Bithumb And Coinone To Terminate Fiat Withdrawals of Unverified Users
Bithumb, the largest crypto exchange by trading volume in South Korea, and Coinone, South Korea’s 3rd-largest crypto exchange, announced on Friday, Sept. 14, that it will terminate fiat withdrawal service for all users without verified real-name accounts.
Starting next month, users of Bithumb and Coinone must have verified real-name accounts in order to deposit and withdraw the fiat currency. The service will end on Oct. 1 for corporate members and on Oct. 15 for individual members.
According to Bithumb, this move is to comply with the government’s anti-money laundering policy, and it affects only for fiat withdrawals. Cryptocurrency transactions and withdrawals can be used normally.
According to Coinone, “Nonghyup Bank requested Coinone to limit the withdrawal of Korean currency” for members who have not verified their accounts by a certain date “pursuant to the Act on Reporting and Utilization of Specific Financial Transaction Information.” Effective before Oct. 15.
After Oct. 15, users who do not have real-name accounts will be “unable to deposit and withdraw in Korean currency,” Coinone wrote. The exchange is asking users to make withdrawals before that date if they do not plan to convert to real-name accounts by then.
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