Skip to main content

Verification of private wallets: South Korean crypto exchanges following example from Coinone


 

South Korean exchanges will ask their users to verify their external wallets in order to comply with the new compliance requirements.


Major South Korean crypto exchanges, including Upbit, Bithumb and Korbit, want to follow the example of Coinone and ban transfers to unverified wallets, according to industry analysts. 


On Wednesday, Coinone announced that the exchange would reject deposits from unverified private wallets from January 24, 2022 to prevent money laundering. All Korean exchanges, including Upbit, Bithumb, Korbit and 20 others, are expected to implement similar or the same measures as Coinone by March 25. The Korean government has set a deadline for exchanges to closely track coin transactions on and off their platforms.


Korean blockchain industry analyst Jun Hyuk Ahn told Cointelegraph, "Korean exchanges are developing their own solutions to meet requirements by March."


"All Korean exchanges must have a tracking system in place by March because the government has given them a deadline. Coinone just did it first."

With this regulation for stock exchanges, the state can also comply with the requirements of the Financial Action Task Force (FATF).


According to the anti-money laundering compliance service provider Sygna , the so-called travel rule stipulates that governments "ensure that domestic exchanges exchange real identity information with transmission partners, or they must monitor measures to combat money laundering and terrorist financing more closely".


These compliance requirements for exchanges are only part of many regulatory restrictions for crypto exchanges. One of the first requirements was that bank accounts could only be used with real names . Before this regulation was introduced in 2018, crypto exchange accounts could be linked to a bank account that belonged to several people.


By September 2021, the exchanges had to go through a verification by the Internet Security Management System and were only allowed to have a single domestic banking partner who opened accounts under real names. Exchanges that failed to meet the requirements had to remove their pairs with the Korean won or shut down entirely .


The country has also faced difficulties with the FATF's compliance requirements related to non-fungible tokens (NFTs). Financial regulators have not had a clear political stance on NFTs. Just recently, the financial regulator announced on November 24th that it would examine its options for regulating and taxing NFTs .


From a global perspective, the South Korean stock exchanges are pioneers in complying with these regulations. So far, there are no other major crypto exchanges that require users to verify their private wallets.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
Upland - Collect Digital Properties & Test Your Skills
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

The 5 largest platforms for non-fungible token (NFT) collectibles

  Since the beginning of 2021, non-fungible tokens (NFT) have had no holding back and the sector is setting new records almost every day.  More and more artists, stars and brands are realizing the potential - NFT are well on their way to catapulting the crypto space into the mainstream.  But which collectibles are currently the most popular? What are NFT? NFT are unique tokens that cannot be exchanged one-for-one for an equivalent token.  Any asset that is tokenizable can be an NFT.  This includes, for example, (digital) works of art, trading cards, game items and crypto domains.  Theoretically, however, real estate or securities can also be mapped as NFT. NFTs can be used to transparently map ownership structures on a public blockchain.  This allows them to store value just like real objects, even if additional copies are easy to make.  For example, the original picture of the Mona Lisa is significantly more valuable than a photo, as everyone kno...
11 comments
Read more

CARDALONIA: THE CARDANO METAVERSE OPENS THE GATES!

  Have you ever been to Cardalonia? With these words, the Cardano Metaverse called Cardalonia starts the gates. In this 3D world, developers and users can interact with each other. First of all, users have to create an individual character with which they can move online. After that you can enter one of the worlds built by developers with this character. You can also purchase your own land in the Cardano Metaverse via the marketplaces in Cardalonia . This is secured by Cardano's blockchain technology and therefore offers a relatively secure transfer of ownership. Since these are only digital plots of land, it is not yet entirely clear when the plots of land are purchased whether they can also be sold again in the future. A possible profit cannot be estimated at the moment. In Cardalonia, the cryptocurrency Lonia is used. The maximum amount of tokens in circulation is 100,000,000. The team consists of Alice Sand (Co-Founder), Vasil Air (CTO) and Dustan Water (Fullstack Developer). T...
Post a Comment
Read more

Cardano: This is the vision that founder Charles Hoskinson has

  The Altcoin Cardano has tended to decline in recent weeks.  The Alonzo upgrade was supposed to bring improvements, but it soon turned out to be a disappointment.  Cardano founder Charles Hoskinson presented his vision for the cyber motto in a live Twitter video. • Cardano in the last few months under pressure • Charles Hoskinson explains his Cardano vision via Twitter • Security and privacy at the center The cryptocurrency  Cardano  has had a difficult few months.  While founder Charles Hoskinson's cyber motto has had a strong run in 2021, it has been steadily downhill in recent months.  Cardano is faced with some difficulties.  The so-called Alonzo upgrade went live in mid-September, for which crypto fans had high hopes, but which soon turned out to be a disappointment.  The upgrade should make it possible to use smart contracts on the cryptocurrency as well.  It soon turned out, however, that although these were entered into Cardano,...
Post a Comment
Read more