Korea Tightens Rules on Overseas Crypto Transfers, Adding Identity and Fund Purpose Verification Requirements

Odaily News: Following the removal of overseas CEX apps such as Bybit and OKX from South Korea's local Google Play, the country is further tightening the process for transferring crypto assets to overseas platforms. Under the latest amendment to the Enforcement Decree of the Specific Financial Information Act, Korean trading platforms will now be required to decide whether to allow transfers based on the risk level of the overseas platform. For transfers to certain overseas trading platforms or personal wallets, users may be required to prove that the account belongs to them, and to state the purpose of the transaction and the source of funds. If the information is insufficient, trading platforms may delay or reject the transfer. Transactions of 10 million KRW or more will also be incorporated into the suspicious transaction monitoring system built by the exchanges. The new rules will take effect six months after publication.