Bithumb will ban withdrawals to unauthorized wallets
South Korean cryptocurrency exchange Bithumb will ban the withdrawal of cryptocurrency to unauthorized wallets. The trading platform announced this on its official website. The regulatory changes will take effect on January 27. Users will have to undergo additional verification to withdraw cryptocurrency to external wallets.
To withdraw to third-party exchanges, users will need to take a picture of the addressable trading platform's screen with the details for the transfer. Users must verify private wallets by January 27. After the deadline they will not be able to do so. They will also have to go through verification again.
What exactly caused the policy change remains officially unknown. Local publication Money Today reports that bank NongHyup Financial has banned the exchange from verifying private wallets until it approves its international transfer-tracking policy, which is scheduled for March of this year.
