South Korean crypto exchange Coinone will no longer allow withdrawals to unverified external wallets.
This means that Coinone users cannot withdraw funds to non-KYC wallets such as MetaMask and Ledger.
Coinone, one of the popular crypto exchanges in South Korea, announced on Wednesday that it will no longer allow withdrawals to non-verified wallets. The change will come into effect on January 24, 2022. This means that Coinone users will need to register their external wallets with the exchange, otherwise they will no longer be allowed to withdraw funds held in their exchange accounts.
The stock market used the following statements:
“If you need to withdraw Coinone’s virtual assets to another virtual asset wallet from January 24, 2022 in accordance with the fulfillment of the customer verification system obligation, you must register the wallet address in order to withdraw. ”
External wallets include all third-party wallets, including “hot” (online) and “cold” (offline) storage options. But these wallets must be recordable or verifiable, meaning know your customer (KYC) must be done.
“It is impossible to register a wallet address that cannot verify credentials,” Coinone said. Since wallets such as MetaMask and Ledger do not require KYC, Coinone users will not be able to withdraw their funds to these wallets.
