South Korea Tightens Crypto Transfer Checks as Bybit, MEXC and HTX Apps Face Google Play Restrictions

South Korea is tightening controls on cryptocurrency transfers to offshore exchanges and self-hosted wallets, with revised rules that permit exchanges to request additional customer details before processing transactions.

In particular, exchanges may require proof of account ownership, the purpose of a transaction, and the source of funds. Transfers can be delayed or rejected when the information provided is insufficient.

Transactions worth 10 million won ($7,000) or more sent to overseas exchanges or self-hosted wallets will be subject to enhanced suspicious-transaction monitoring. 

The tighter transfer requirements come after the apps of offshore crypto exchanges Bybit, HTX, and MEXC were removed from South Korea’s Google Play Store.

Source: News1