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Coinone: No more withdrawals to unchecked and external wallets

 


The exchange wants to check user names and citizen registration numbers to ensure that crypto transactions are not being used for "illegal activities such as money laundering".


The South Korean crypto exchange Coinone has announced that it will no longer allow payments of tokens to unverified, external wallets from January.


In an announcement on Wednesday , Coinone said users would have time from December 30th to January 23rd to register their external wallets with the exchange, after which the exchange would restrict withdrawals. The exchange stated that crypto users can only register their own wallets and that the verification process "takes some time" and could change in the future.


According to Coinone , the company plans to check the names of users and citizen registration numbers that every citizen in South Korea is given to ensure that crypto transactions are "not used for illegal activities such as money laundering." The customers of the exchange will probably no longer be able to withdraw money to wallets without an identity check. This restriction also applies to the popular hardware wallet Ledger.


In March, the South Korean government implemented a law requiring local crypto exchanges to meet the requirements related to real name accounts and ISMS authentication. In addition, they must report their activities within six months. For crypto users in the country, a new taxation will soon take effect , which should come into force in January. This will result in a capital gains tax on all crypto trading profits of over $ 2,300.


Many exchanges, including Bithumb, have since announced restrictions and stricter measures on identity verification and anti-money laundering measures in response to cryptocurrency regulation. However, Coinone will likely continue to accept wallets offered by exchanges that are already performing identity checks, such as the wallets from FTX and Binance.

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