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

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

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.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

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

CoinDesk - Unknown

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

Trending

1
CoinDesk - Unknown
UK Regulator to Consider Terra Coins Collapse in New Crypto Rules: Report

Market instability in stablecoins will need to be taken into account, the FCA's executive director for markets said.

Market instability in stablecoins will need to be taken into account, the FCA's executive director for markets said.

CoinDesk - Unknown
2
CoinDesk - Unknown
Bitcoin Options Data Suggests Bearish Sentiment Among Investors

Put/call ratio for Bitcoin options reached yearly highs on Thursday, data shows.

Put/call ratio for Bitcoin options reached yearly highs on Thursday, data shows.

CoinDesk - Unknown
3
CoinDesk - Unknown
CoinDesk Cardano Price Index (ADX)

CoinDesk - Unknown
4
CoinDesk - Unknown
CoinDesk Smart Contract Platform Select Index (SCPX)

CoinDesk - Unknown