Major South Korean crypto exchanges, including Upbit, Bithumb and Korbit, will follow Coinone’s lead in banning transfers to non-verified wallets, industry analysts said.

Coinone declared Wednesday that it will reject deposits made from Unverified private walletsBeginning Jan. 24, 2022 to decrease the likelihood of money laundering. All Korean exchanges including Upbit Bithumb and Korbit are likely to have taken similar or identical measures than Coinone before March 25, 2022. Korean government SetThe deadline is reached for cryptocurrency exchanges to accurately track transactions between their platforms and on coins.