One of the largest Korean cryptocurrency exchanges Coinone will start requiring its clients to verify external wallets before withdrawing funds, The Block first reported.
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According to the exchange, the change will come into effect on Jan. 24, 2022. With the limitations, the exchange wants to comply with KYC requirements even though it was not reported that other Korean trading platforms would follow this initiative.
Coinone said its users will have to provide the following information to verify an external wallet:
- Signup email.
- Registered mobile phone number.
- Coin wallet address that requires registration (including destination tag or memo if necessary).
The exchange added clients cannot register wallet controlled by a third-party. Similar limitations Dutch central bank tried to impose on a local bitcoin exchange called bitonic. However, after a legal battle the exchange announced in May that the watchdog "formally acknowledged" the exchange's position that requirements regarding verifying cryptocurrency wallets were unlawful.
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