South Korean cryptocurrency exchange Upbit will before long halt services for unverified users.

On Sabbatum, the company officially announced a fix of changes to its customer verification system in compliance with South Korea's mandatory Anti-Money Laundering (AML) requirements.

According to the announcement, Upbit will offset gradually limiting services for unverified users this calendar week, restricting unverified customers from transacting more than than 1 million Korean won ($850) at a fourth dimension, effective Wednesday, Oct. six.

"Once client verification is completed, the one million won limit will exist lifted; members who submit an order with less than 1 meg won tin proceed with customer verification at any time," the firm said.

In a week after initial AML restrictions, Upbit plans to place more limits for unverified users. Effective Oct. 13, Upbit volition end trading services too equally deposits and withdrawals for existing customers who have not completed customer verification. "In one case customer verification is completed, trading and deposit or withdrawal transactions volition be resumed," Upbit noted.

The announcement also states that new users who sign up after Midweek volition only be able to eolith and withdraw after completing verification. The exchange also advised processing verification through 1000 Banking company, Upbit'southward official fiat on-ramp provider. "Withdrawal procedures to other banks will be notified later through a dissever observe," the annunciation reads.

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Upbit is ane of South Korea's largest cryptocurrency exchanges alongside Bithumb, Coinone and Korbit, making up more than 80% of the local cryptocurrency marketplace.

The firm's new customer verification policies come in line with South korea'due south AML regulations requiring both local and foreign exchanges to provide existent-name accounts through a local bank. The Fiscal Services Committee required crypto exchanges in Republic of korea to submit requests for an official operating license by Sept. 24. Some major exchanges, including Binance, later halted KRW trading pairs and removed Korean language support from their platforms.