Bithumb and Coinone,Korean cryptocurrency exchanges, will deprive unverified users of the possibility to withdraw funds in fiat, Bitcoin.com reports.

 

The possibility of withdrawing fiat with Bithumb will be discontniued from October 1st for corporate market participants. For individual users this restriction will take effect on October 15th. According to the representatives of the exchange, the decision has been made to correspond to the requirements of the anti-money laundering policy.

Representatives of the trading platform stressed that the limitation concerns only the possibility of withdrawing fiat.

 

“Cryptocurrency transactions and deals can be made as usual”, — stated Bithumb.

The South Korean authorities ordered local cryptocurrency exchanges to verify all the users back in January. Exchange customers can use the so-called “real name system” to convert their accounts into verified and link them to accounts in banks cooperating with the platforms.

 

However, by now banks have provided such services only to the four largest South Korean exchanges — Bithumb, Upbit, Coinone and Korbit. Moreover, despite the efforts of the government, banks and stock exchanges themselves, only 40–50% of traders took advantage of this service. At the same time, local banks exert pressure on stock exchanges, so that the latter more actively comply with the requirements of the anti-money laundering policy.

Coinone Exchange made a similar statements that all unverified users will not be able to withdraw fiat after October 15th.