Coinone Considers Stopping Withdrawals To Unverified Wallets

Crypto exchange Coinone considers stopping withdrawals to unverified wallets and said that it also plans to verify the users’ names and resident registration details and ensure the transactions were not used for illegal activities so let’s read more in today’s cryptocurrency news.

The South Korean crypto exchange Coinone considers stopping withdrawals for unverified wallets starting in January. In the announcement, Coinone said users will have from December 30 to January 23 to register their external wallets at the exchange after which time it will restrict the withdrawals. The exchange noted that users could only register their own wallets and the verification process could take some time to change in the future.

According to Coinone, it planned to verify the users’ names and the resident registration numbers which were issued to all residents of South Korea, and ensure the transactions were not used for illegal activities like money laundering. The customers at the exchange will not be able to withdraw their funds to wallets without KYC or other safequards. The restriction applies to the popular hardware wallet Ledger.

Back in March, the South Korean government used a passed bill that required local exchanges to meet requirements for real-name accounts and ISMS authentication but also reports on their operations in six months. The crypto users in the country will see the implementation of the tax rules that were scheduled to go into effect at the start of January, the rule will impose the capital gains taxes on the crypto trading profits of more than $2300.

Most exchanges however like Bithumb, announced restrictions and even stronger KYC and AML policies in a response to Korean lawmakers’ push to regulate crypto. However, Coinone will accept wallets offered by the exchanges that are in compliance with KYC checks that will include those from Binance and FTX.

As recently reported, The third-largest cryptocurrency exchange in South Korea, Coinone, recently announced its plans to launch an exchange in Indonesia. As stated in the press release, the new Indonesian branch will have its official launch in June. According to some rumors, the exchange will support six major cryptocurrencies at first – including the names of Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, and Quantum. The users that are based out of Indonesia will also be able to use the platform. However, they will need to submit their details in the KYC verification process, according to the exchange.