South Korean cryptocurrency exchange Bithumb "decided to gradually reduce the withdrawal limit for customer accounts that have not converted to real-name confirmation accounts." This is reported by Bitcoin.com.
South Korean regulators have set up a new system for verification of accounts on the exchange at the end of January to prevent anonymous trading of digital assets, but many traders continue to use unconfirmed accounts. As of the beginning of May, only 30% of accounts were verified.
According to Bithumb, about 60% of customers didn't switch to a real-name verification accounts. Exchange currently has a daily withdrawal limit of 50 million won (~US$46,465) and a monthly limit of 300 million won (~$278,753).
We have decided to gradually reduce the withdrawal amounts in the Korean won because it is raising concerns that bank accounts for unconverted withdrawals may become a target of various financial crimes.
Earlier it became known about Bithumb's refusal to serve users from 11 "non-cooperating countries and territories".