Upbit, the first crypto exchange to register with South Korea’s Financial Intelligence Unit (FIU), said it will start tightening restrictions on customers whose identities have not been verified.
- The restrictions will kick in on Wednesday to meet the country’s anti-money laundering laws, the exchange said in a statement on its website.
- Members who do not have real-name verification will be restricted from depositing or withdrawing won more than 1 million won ($850) until they can arrange it.
- They will be able to continue to trade bitcoin and tether.
- Unverified customers will face stiffer restrictions later in the month.
- Crypto exchanges that wanted to conduct business in South Korea had until Sept. 24 to register with the regulator.
See also: Hours Before South Korean Registration Deadline, Only 10 Exchanges Have Applied
