South Korea tightens overseas cryptocurrency transfer channels, which will increase identity and fund usage verification

After the overseas CEX Apps like Bybit and OKX were removed from the local Google Play in South Korea, the country is further tightening the process of transferring crypto assets to overseas platforms. According to the latest amendment to the Enforcement Decree of the Specific Financial Information Act, South Korean trading platforms will need to determine whether to allow transfers based on the risk level of the overseas platforms; when transferring to certain overseas trading platforms or personal wallets, users may be required to prove that the account belongs to them and explain the purpose of the transaction and the source of funds. If the information is insufficient, the transfer may be delayed or refused.

Transactions reaching 10 million Korean won or more will also be included in the suspicious transaction monitoring system established by the exchanges, and the relevant regulations will be implemented six months after their announcement.