Crypto News

Korean Exchange Coinone Will Not Allow Withdrawal For Unverified External Wallets


Coinone exchange announced that the exchange will no longer allow crypto withdrawal to any unverified wallet, which includes hardware and ledger wallets. 

Recent years showed that South Korean regulators showed a huge inclination toward strict crypto regulation because of increasing demand & interest in the crypto space. New rules and guidelines of the Korean government are enough to show that crypto exchanges are not more than a crypto broker exchange because regulations in South Korea are designed in such a way, where no one crypto exchange can facilitate illegal crypto activities directly or indirectly or even my mistake.

In the latest, Coinone exchange announced that Exchange will not allow withdrawal to those external crypto wallets which are unknown & unverified for the account of crypto users. That means, no one Korean citizens will be able to withdraw crypto assets to any third-party noncustodial crypto wallet until he will give full details and verification of his own third party wallets.

Through the official announcement, Coinone said that users have time from 30 December to 23 January to register their third-party crypto wallets with the exchange. However this time limit may change in the future, but for now, this is a limited time for all the existing users of the Coinone exchange. Giving details and verification will take some time by the exchange. 

As per the announcement, The decision of the Coinone exchange is a well-planned idea to work against illicit activities to ensure that no one Korean citizen is using crypto in illegal or criminal activities. 

Now it is worth to note that, whether all other major 3 crypto exchanges will follow the decision & steps of Coinone because there are only a total of 4 crypto exchanges in South Korea, which are offering crypto-fiat pair services fully. So chances of illegal activities are high on these exchanges. However, the latest restrictions and mandatory guidelines are enough to ensure that no one exchange is allowing any kind of illegal activities in the country. 

Read also: Professional martial arts fighter says Bitcoin gives me lots of financial security



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