Upbit to Tighten Restrictions on Non-Verified Customers in South Korea

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.

See also: Hours Before South Korean Registration Deadline, Only 10 Exchanges Have Applied

Source: Coin Desk

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