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South Korea has been tightening its oversight on the country’s crypto industry recently. Upbit, one of the largest exchanges in the country, announced that it will soon be halting some of its services for unverified users to comply with Anti-Money Laundering (AML) requirements.
In a blog post published on October 2, the crypto exchange announced the implementation of its customer verification system starting October 6. “In accordance with the Act on the Reporting and Use of Specific Financial Transaction Information and Specific Financial Transaction Information Reporting and Supervision Regulations, the Company plans to fulfill the customer verification obligation after 00:00 (Wednesday), 2021-10-06,” the company said.
The crypto exchange announced that it will be imposing trading limits on users who do not have real-name verification deposit and withdrawal accounts. Crypto firms in South Korea are required to partner with local banks to open real-name accounts for their users.
“After 00:00 on 2021-10-06 (Wed), members who do not have real-name verification deposit and withdrawal accounts will be restricted from trading in the KRW market. BTC and USDT markets are available as normal,” Upbit said. Affected users will only be able to transact up to 1 million Korean won ($850) at a time.
However, the platform said that the restriction will be removed once a user completes the verification process. “Once customer verification is completed, the 1 million won limit will be lifted; members who submit an order with less than 1 million won can proceed with customer verification at any time,” Upbit said, according to Cointelegraph.
Upbit plans to impose additional restrictions a week later for users who are still unverified at that time. Starting October 13, the crypto exchange will stop trading services, deposits, and withdrawals for customers that have not completed the verification process. However, trading, withdrawal, and deposit transactions will resume once a user completes customer verification.
The crypto exchange advised customers to complete their verification through K Bank. The platform has partnered with the bank for the real-name account opening of its clients.
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