🇰🇷 South Korea will begin verifying transfers to Bybit, HTX, and other crypto exchanges and wallets
South Korea is tightening control over transfers to foreign crypto platforms. The review of rules followed the removal of apps from nearly 30 crypto exchanges, including OKX, Bybit, CoinEx, and HTX, from the local Google Play Store.
Under the new rules, exchanges registered in South Korea may require customers to provide proof of ownership of the recipient's account, information on the purpose of the transaction, and the source of funds when transferring funds to foreign platforms. They may also delay or reject transfers if the provided information is insufficient.
Transfers of 10 million Korean won ($7,000) or more to foreign exchanges or non-custodial wallets will be subject to enhanced scrutiny for suspicious transactions.
South Korea has one of the largest and most active crypto markets in the world. By the end of 2025, the number of accounts on local crypto exchanges reached 11.1 million in a population of about 50 million, but local traders continue to trade on global exchanges due to the limited number of crypto instruments available in the country.
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2August 13, 2026 1.8K 1
