Crypto Exchange Coinone Will Ban Withdrawals to Unconfirmed Wallets

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South Korea-based crypto exchange Coinone has decided to block all withdrawals to unverified wallets.

As a result, users will not be able to transfer tokens to services such as MetaMask and Ledger. The new service procedure will take effect on January 24 next year.

To get the right to withdraw funds, the owner of the wallet needs to go through detailed verification.

The exchange says:

“If you need to withdraw virtual assets from Coinone to another wallet from January 24, 2022, then, in accordance with the new system, customers need to register, and then you will be able to withdraw funds.”

That is to say, it will be possible to send funds only to verified wallets, which can be cold and hot storage services.

The exchange operates in strict accordance with South Korean AML legislation. Each user of the exchange must verify his/her identity by mobile phone, e-mail and personal data.

The South Korean authorities have tighten their control over the cryptosphere. In summer, it became known about the plans of officials to ban 11 unlicensed exchanges from offering their services to local traders.

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