South Koreans, it’s time to verify your wallets. Major crypto exchanges operating in the country will reportedly follow coinoneswap’s lead in banning transfers to non-verified wallets.
, the Travel Rule stipulates that national governments must “ensure domestic exchanges share real-identity information with transmittal counterparties or face increased AML/CFT monitoring.”
One of the four major exchanges in the country, Korbit, told Cointelegraph that the way it handles private wallets is under discussion, but nothing has been decided yet. It also stated,"Korbit identifies, evaluates, and appropriately controls AML , FDS in virtual asset transfer transactions." These compliance stipulations for exchanges are part of a long series of regulatory restrictions for crypto exchanges that started with therequirement for all users. Before that rule was implemented in 2018, crypto exchange accounts could be linked to a bank account owned by multiple individuals.
By September 2021, exchanges had been required to have Internet Security Management System verification and a single domestic bank partner, which would issue real-name accounts. Exchanges that were unable to meet the requirements were forced to remove Korean won pairs from
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