Bithumb will block withdrawals to unverified wallets
South Korean bitcoin exchange Bithumb will ban users from withdrawing crypto assets to unverified third-party wallets. The innovation will take effect on January 27, 2022, the blog said.
Users will have to undergo additional verification to register their addresses. The restrictions do not affect withdrawals to local or foreign centralized exchanges with strict KYC procedures.
According to Money Today, Bithumb has faced pressure from its partner bank Nonghyup Bank. The latter allegedly demanded changes to the exchange's policies to comply with the FATF "road rule."
The publication claims that the bank urged Bithumb to "block all wallets that do not have their own KYC system. In particular, we are talking about MetaMask and MyEtherWallet.
