Bithumb crypto exmovement will no protracteder accept withdrawals for unhardlyified wallet addresses as the South Korean gabovenment has enforced a ‘travel rule’ on the cryptocurrency exdevelopments operating inside the country. The announcement came from an official blog post published on Monday, January 24.

From January 27, Bithumb wouldn’t allow its customers to pre-register or withdraw coins using anonymous wallets such as MetaMask, which do not tie a name, number, or a registered email reported CoinDesk Korea.

The new regulation rule by the state’s Financial Action Task Force (FATF) requires exdevelopments to submit transactions although a platform exceeds a specific threshold.

Last week, Bithumb first claimed which users with such wallets would need to pass through a face-to-face interview to signup on the exevolution. But, reversing course as a result of the pressure of Gov. Officials.

Coinone and Bithumb are the first two exprogresses collecting customers’ information to provide an allowlist of users to authorities. At the same time, others companies have time to impose this policy till March 25. 

Bitcoin (BTC) Price Today

Bitcoin Price is gradual afterward Monday, Jan 24, 2022. Source Tradingview.com

Financial companies’ inclusion will help keep track of users transacting crypto in general sentiment. not to mention, it will decrease illegal incidents as only the solid groups of people and companies would be allowed to enter the business.

How Does A Bank Partnership Impact On Bithumb Crypto Exevolution?

The exshift faced pressure from its partner bank, Nonghyup Bank, to comply with a new FATF Travel Rule requiring financial institutions to identify senders and receivers of funds across borders. The design lets them know who you are although sending or receiving money abroad so they can keep an eye out for fraudsters.

The partner bank requested the exshift to block all wallets without KYC verification, including MyEtherWallet and MetaMask.

South Korean crypto exmovements offering exchanging pairs for the Won (KRW) must have a domestic partner bank to issue real-name accounts. Therefore, these banks can play an essential role in influencing exevolution policies, like how Nonghyup Bank’s close relationship with Bithumb Coinone impacted their decision-msuchlikeg process on relevant issues suchlike as listing new coins or launching margin exchanging services.

The Korean gatopnment will require all crypto exdevelopments by March 25th to have personal wallets for users’ cryptocurrencys. As yet, there haven’t been any progresss made at Upbit or Koribit regarding their policies on these types of transactions – throughout the time it seems inclined which we’ll see news soon.

The Korean crypto market is primarily dominated by two exchanges, with Upbit handling 76% and Bithumb 13%.

The South Korean Gatopnment announced which they would be soaring AML/CTF monitoring by the Travel Rule. The action is necessary to combat money laundering and terrorism financing, so crypto exmovements should follow these new guidelines soon.

 Featured image from Pixabay, chart from TradingView.com