❌ Two Korean exchanges suspend unverified crypto withdrawals

Bithumb, the largest crypto exchange by trading volume in South Korea, and Coinone, the third largest by the same measure, announced similar bans on unverified accounts during the past week. Users of accounts that have not verified their identity will be unable to withdraw fiat currency from exchanges. Suspension of such withdrawals comes after South Korea introduced a 'real-name system' earlier this year, requiring cryptocurrency users to provide identification when using the banking infrastructure. Bithumb and Coinone use Nonghyup Bank, which was cited as the catalyst for the bans. Users that have provided the proper details will be able to use the exchanges as usual while others will be limited to crypto only withdrawals.