South Korean crypto exchanges to follow Coinone in verifying private wallets

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According to industry analysts, major South Korean crypto exchanges such as Upbit, Bithumb, and Korbit will follow Coinone’s lead and prohibit transfers to non-verified wallets.

Coinone announced on Wednesday that it will reject deposits from unverified private wallets beginning January 24, 2022, in order to reduce the risk of money laundering. By or before March 25, all Korean exchanges, including Upbit, Bithumb, Korbit, and 20 others, are expected to have implemented similar or identical measures to Coinone. The Korean government set a deadline for exchanges to accurately track coin transactions on and off their platforms.