South Korean crypto exchange Upbit announced it will gradually halt services for unverified users soon.
On October 2, the crypto exchange platform announced some changes to its customer verification system in compliance with South Korea’s mandatory Anti-Money Laundering (AML) needs.
The news comes after the Financial Services Commission required crypto exchanges in South Korea to apply for an official operating license by September 24.
According to Upbit, it will start limiting services for non-verified users, restricting them from transacting more than 1 million Korean won worth around $850 at a time, starting October 6.
In the announcement, the team said,
“Once customer verification is completed, the 1 million won limit will be lifted; members who submit an order with less than 1 million won can proceed with customer verification at any time.”
In addition, Upbit said it plans to place more limits for these unverified customers. On top of that, Upbit will stop trading services, deposits and withdrawals for existing customers who have not completed KYC effective October 13. Adding to this, the exchange says that once customer verification is completed, trading and deposit or withdrawal transactions will be resumed.
Moreover, users who sign up after October 6 would only deposit and withdraw after completing verification. Extending further, Upbit urges customers to verify their accounts through K Bank, Upbit’s official fiat on-ramp provider. The team says “Withdrawal procedures to other banks will be notified later through a separate notice.”