{"id":56527,"date":"2022-01-25T11:36:13","date_gmt":"2022-01-25T09:36:13","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=56527"},"modified":"2025-09-04T06:52:11","modified_gmt":"2025-09-04T03:52:11","slug":"bithumb-to-block-withdrawals-to-unverifiable-wallets","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bithumb-to-block-withdrawals-to-unverifiable-wallets\/","title":{"rendered":"Bithumb to block withdrawals to unverifiable wallets"},"content":{"rendered":"<p>South Korean bitcoin exchange Bithumb will prohibit users from withdrawing crypto assets to unverifiable third-party wallets. The new rule will take effect on 27 January 2022, according to a<a href=\\\"https:\/\/cafe.bithumb.com\/view\/board-contents\/1642612\\\"> blog<\/a>.<\/p>\n<p>To register their addresses, users will have to undergo additional verification. The restrictions do not affect withdrawals to local or overseas centralized exchanges with strict <span data-descr=\\\"Know Your Customer\\\" class=\\\"old_tooltip\\\">KYC<\/span> procedures.<\/p>\n<p>According to Money Today, Bithumb came under pressure from its partner bank Nonghyup Bank. The latter allegedly demanded changes to the exchange&#8217;s policy to comply with the FATF&#8217;s &#8216;travel rule&#8217; <span data-descr=\\\"Financial Action Task Force\\\" class=\\\"old_tooltip\\\">FATF<\/span>.<\/p>\n<p>The publication claims that the bank urged Bithumb to &#8216;block all wallets that do not have their own KYC system&#8217;. In particular, this concerns MetaMask and MyEtherWallet.<\/p>\n<p>In March 2020, the Korean parliament passed amendments to the law obliging bitcoin exchanges to comply with financial reporting requirements, KYC rules, and information-security standards.<\/p>\n<p>By 24 September 2021, platforms had to register with the FSC (Financial Services Commission of South Korea). In addition to complying with the commission&#8217;s rules, they were required to ensure KYC procedures in cooperation with partner banks.<\/p>\n<p>The latter were reluctant to cooperate with exchanges, fearing <a href=\"https:\/\/u1f987.com\/en\/news\/south-korean-banks-to-assess-viability-of-partnerships-with-cryptocurrency-exchanges\">additional scrutiny from financial regulators<\/a>.<\/p>\n<p>The first approval from the South Korean regulator<a href=\"https:\/\/u1f987.com\/en\/news\/upbit-becomes-south-koreas-first-cryptocurrency-exchange-to-receive-regulator-approval\">was received by Upbit<\/a>. In October the platform<a href=\"https:\/\/u1f987.com\/en\/news\/upbit-to-halt-service-for-unverified-users\"> warned of restrictions<\/a> for unverified users.<\/p>\n<p>Back in autumn 2021, Bithumb said that<a href=\"https:\/\/u1f987.com\/en\/news\/bithumb-to-require-verification-for-foreign-users\"> it would block access<\/a> for foreigners who had not verified their identity using a mobile phone.<\/p>\n<p>Earlier the bitcoin exchange <a href=\"https:\/\/u1f987.com\/en\/news\/media-bithumb-to-block-users-from-high-risk-jurisdictions\">restricted access<\/a> for users from high-risk jurisdictions as part of its anti-money-laundering policy.<\/p>\n<p>Subscribe to ForkLog news on <a href=\\\"https:\/\/vk.com\/forklogcom\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">VK<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>South Korean bitcoin exchange Bithumb will prohibit users from withdrawing crypto assets to unverifiable third-party wallets. The new rule will take effect on 27 January 2022, according to the blog.<\/p>\n","protected":false},"author":1,"featured_media":56528,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1292,973,1166],"class_list":["post-56527","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-aml-kyc","tag-bithumb","tag-centralized-exchanges-cex"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/56527","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=56527"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/56527\/revisions"}],"predecessor-version":[{"id":56529,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/56527\/revisions\/56529"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/56528"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=56527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=56527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=56527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}