Coinone Delays KRW Won Withdrawals

On February 17, 2018 Coinone reported that NH Bank was delaying the withdrawal of KRW won
21 February 2018   521

Coinone is a cryptocurrency exchange which lets users trade Bitcoin, Ethereum and other coins in an easy, fast and secure way.

On February 17, 2018, Coinone exchange reported that NH Bank has delayed the withdrawal of KRW won. The delay is reportedly connected to the holiday season.

However, Coinone reported that the assets of the users are stored safely, and the users will be notified of the retransmission immediately via SMS after the issue is resolved. The cryptocurrency exchange warned the NH Bank users that they should use the KRW withdrawal function only after the problem is solved.

It is worth noting that previously we have reported about Coinone listing IOTA, Bitcoin Gold and Litecoin.

Korean Exchanges to Ban Withdrawal for Unverified Users

This decision was made by Bithumb and Coinone for anti-money laundering policy implementation
18 September 2018   262

Bithumb and Coinone will deprive unverified users of the possibility to withdraw funds, Bitcoin.com reports.

The possibility of withdrawing the crypto currencies to Bithumb will be discontinued on October 1 for corporate market participants. For individual users, this restriction will take effect on October 15. According to the representatives of the exchange, the decision was made to implement the requirements of the anti-money laundering policy.

Representatives of the trading platform stressed that the limitation concerns only the possibility of issuing fiat funds.

The South Korean authorities ordered local crypto-exchanges to verify users in January. Exchange customers can use the so-called "real name system" to convert their accounts into verified and linked to the accounts of banks cooperating with platforms.

However, by now banks have provided this service only to the four largest South Korean exchanges - Bithumb, Upbit, Coinone and Korbit. Moreover, despite the efforts of the government, banks and the cryptoexchanges themselves, only 40-50% of traders took advantage of this service. At the same time, local banks exert pressure on the exchanges, so that the latter more actively comply with the requirements of the anti-money laundering policy.

A similar statement was made by the Coinone Exchange, all unverified users of which will not be able to withdraw Fiat after October 15.