Coinone will stop withdrawing funds to unverified external wallets-

lead Cryptocurrency exchange from Korea Kononi Coinone announced that starting from January 2022, the platform will not support the withdrawal of encrypted tokens to unverified external wallets. In response, the Coinone team has opened a window from December 30 to January 23 to facilitate users to register for external wallets.The authorities have clearly mentioned that any external wallet Unverified posts will not allow withdrawals to be performed on the Coinone ecosystem.

According to the announcement, crypto investors can only register their own external wallets on the exchange. The verification process may take some time and may change in the future. Coinone exchange users will not be able to withdraw funds to their wallets without meeting the “know your customer” or KYC requirements. The new guidelines will also apply to customers who use the famous hardware wallet Ledger.

The team stated that it is working to verify the user names and resident registration numbers issued to all local residents in South Korea. These sincere steps to ensure customer verification will help Coinone track illegal transactions. This guide will help the team ensure that crypto transactions conducted on exchanges are not related to illegal activities such as money laundering.

In early March, the South Korean government passed a bill on the work and operation of cryptocurrency exchanges. The regulation requires local cryptocurrency exchanges to meet various regulatory guidelines, including real-name accounts and ISMS verification requirements. The law compulsory exchanges to report their operations to the relevant authorities within six months. In January 2022, Korean cryptocurrency investors will be subject to a new tax rule that will impose a capital gains tax on all cryptocurrency trading profits over US$2,300.

The strict actions taken by the government forced cryptocurrency exchanges to implement strict policies related to user verification and fund processing on their respective platforms. After the government plans to regulate crypto trading, top exchanges such as Bithumb announced stricter KYC regulations and AML restrictions. Coinone Exchange will support wallets provided by exchanges that meet KYC requirements, such as wallets from Binance and FTX.