THELOGICALINDIAN - Coinone will block users from abandoning funds to wallets after knowyourcustomer verification
The Korean crypto barter Coinone is planning to apparatus new alien wallet allotment procedures that will block users from abandoning funds to counterfeit alien wallets.
Coinone Stops External Wallet Withdrawals
Crypto regulations on Korean exchanges are accepting tighter.
Coinone, the third-largest crypto barter in Korea, appear via a Wednesday notice on its website that it affairs to apparatus new alien wallet allotment procedures for its customers.
Commencing Jan. 24, 2022, Coinone users will no best be able to abjure cryptocurrencies to counterfeit alien wallets. The change agency that Coinone users cannot abjure funds to wallets that do not crave know-your-customer registration, such as MetaMask and Ledger.
Ahead of the change, there will be a basic alien wallet allotment aeon from Dec. 30, 2024, to Jan. 23, 2022, area users can annals their wallets for abandonment approval. “Withdrawal to an unregistered wallet is belted afterwards the administration date, so amuse administer in beforehand during the basic allotment period,” the barter declared in its notice.
On Coinone’s abutment page, the barter explained the acumen abaft the new chump analysis system, stating:
“To ensure that basic asset affairs or casework provided by Coinone are not acclimated for actionable activities such as money laundering, we analysis customers’ names, citizen allotment numbers, and added details.”
Over the summer, the Korean government has implemented several measures to able bottomward on actionable cryptocurrency activities. In July, South Korea’s banking regulator warned adopted cryptocurrency exchanges alms casework to Koreans, mandating that they accede with know-your-customer standards for all cross-border transfers or face fines and bastille time. Shortly after, Korean authorities additionally proposed alteration the tax cipher to acquiesce tax authorities to appropriate crypto assets captivated by tax dodgers in agenda wallets.
Coinone’s new chump analysis standards accept acceptable been implemented to ensure the barter is adjustable with accepted and futures authoritative standards in South Korea. Whether added Korean exchanges will apparatus agnate restrictions on counterfeit alien wallets charcoal to be seen.
Disclosure: At the time of autograph this feature, the columnist endemic ETH and several added cryptocurrencies.
