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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.
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.
STORY CONTINUES BELOW
See also: Hours Before South Korean Registration Deadline, Only 10 Exchanges Have Applied
Sheldon Reback
Sheldon Reback is CoinDesk editorial's Regional Head of Europe. Before joining the company, he spent 26 years as an editor at Bloomberg News, where he worked on beats as diverse as stock markets and the retail industry as well as covering the dot-com bubble of 2000-2002. He managed the Bloomberg Terminal's main news page and also worked on a global project to produce short, chart-based stories across the newsroom. He previously worked as a journalist for a number of technology magazines in Hong Kong. Sheldon has a degree in industrial chemistry and an MBA. He owns ether and bitcoin below CoinDesk's notifiable limit.
