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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.
Updated May 11, 2023, 7:07 p.m. Published Oct 4, 2021, 7:13 p.m.
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.
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See also: Hours Before South Korean Registration Deadline, Only 10 Exchanges Have Applied
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