Upbit to Tighten Restrictions on Non-Verified Customers in South Korea

Restrictions will kick in on Wednesday to meet the country’s anti-money laundering laws.

Oct 4, 2021 at 1:21 p.m. UTC
Updated Oct 4, 2021 at 7:13 p.m. UTC

Upbit, the first crypto exchange to register with South Korea’s Financial Intelligence Unit (FIU), said it will start tightening restrictions on customers whose identities have not been verified.

  • The restrictions will kick in on Wednesday to meet the country’s anti-money laundering laws, the exchange said in a statement on its website.
  • Members who do not have real-name verification will be restricted from depositing or withdrawing more than 1 million won ($850) until they are verified.
  • They will be able to continue to trade bitcoin and tether.
  • Unverified customers will face stiffer restrictions later in the month.
  • Crypto exchanges that wanted to conduct business in South Korea had until Sept. 24 to register with the regulator.

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Sheldon Reback is a CoinDesk news editor based in London. He owns a small amount of ether.