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Exchange Bithumb abandon users to withdraw their assets to unverified private wallets

Exchange Bithumb abandon users to withdraw their assets to unverified private wallets

One of South Korea's four largest crypto exchanges has banned the transfer of crypto assets to unidentified wallets. All other exchanges in the country must do the same by March 25, 2022. 

Why is it so important?

  • The government required to block all unidentifiable crypto wallets
  • Withdrawal of anonymous money will become impossible at the crypto exchange

 According to the information posted on the Bithumb exchange website, users can now only register their personal wallets. When registering, users will have to undergo KYC verification, meaning they will be required to take a picture of their wallet number along with their ID card.   

As reported by the local newspaper Money Today, such a dramatic policy change was caused by pressure from the exchange's partner, Nonghyup Bank. It demanded to block all wallets that do not have their own KYC system (including MetaMask and MyEtherWallet). This is necessary to comply with Korean laws that require financial institutions to know the identity of those who make cross-border transactions, sending and receiving money. 

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