Upbit exchange with 13 October will stop serving users without KYC – Bits Media

C 6 October, the Korean exchange Upbit will restrict the withdrawal of users' assets without identification 1 million won, and with 13 numbers will stop serving such customers. This is due to new restrictions in South Korea.

Largest cryptocurrency exchange in South Korea
announced changes in the customer verification system. They are related to mandatory anti-money laundering requirements (AML). The innovations will come into force 6 October, by limiting transactions for amounts greater 1 million Korean won ($850). And a week later, user assets, those who have not passed KYC, will be completely frozen.

“After the verification is completed, the limit is 1 million won will be withdrawn. Participants, making payments for an amount less than 1 million won, can continue identity verification later", - the ad says.

A week after the initial restrictions, from 13 October, Upbit will stop providing services to existing customers, who have not completed the identification procedure. Besides, new users, who will register after 6 October, will be able to deposit and withdraw money only after verification is completed.

The company's new policy complies with South Korean regulations, requiring local and foreign exchanges to provide accounts in the customer's real name through a local bank. Some major exchanges, Including Binance, removed trading pairs from KRW and removed support for the Korean language from their platforms.