{"id":421245,"date":"2022-03-25T09:00:31","date_gmt":"2022-03-25T06:00:31","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/korean-crypto-exchanges-are-now-in-compliance-with-the-travel-rule\/"},"modified":"2022-03-25T09:00:31","modified_gmt":"2022-03-25T06:00:31","slug":"korean-crypto-exchanges-are-now-in-compliance-with-the-travel-rule","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/korean-crypto-exchanges-are-now-in-compliance-with-the-travel-rule\/","title":{"rendered":"# Korean crypto exchanges are now in compliance with the Travel Rule"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3dd2e417fef\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3dd2e417fef\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/korean-crypto-exchanges-are-now-in-compliance-with-the-travel-rule\/#%E2%80%9D_Korean_crypto_exchanges_are_now_in_compliance_with_the_Travel_Rule_%E2%80%9C\" >&#8221; Korean crypto exchanges are now in compliance with the Travel Rule &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Korean_crypto_exchanges_are_now_in_compliance_with_the_Travel_Rule_%E2%80%9C\"><\/span>&#8221; Korean crypto exchanges are now in compliance with the Travel Rule &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvMmJiNjQ0NzEtMTFhNy00MDA1LWJkZDctN2YxZjhmZDcwZmE4LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>South Korean crypto exchanges have reached the government-mandated deadline to come into compliance with the so-called <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">Travel<\/a> Rule, but not all industry players are pleased with the measure.<\/p>\n<p>Starting today, Korean exchanges will flag any crypto <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/english.chosun.com\/m\/svc\/article.html?contid=2022032401120&amp;Dep0=english.chosun.com\">transfers<\/a> worth more than roughly $821. Transfers higher than that value will be restricted to user-verified wallets and a select number of exchanges that have adopted their anti-money laundering system. <\/p>\n<p>The Travel Rule is a set of guidelines issued by the international financial watchdog Financial Action Task Force (FATF) designed to help authorities track the movement of virtual assets between virtual asset service providers (VASP) such as crypto exchanges or digital asset issuers.<\/p>\n<p>A source from a local centralized exchange today praised the regulatory measure as a step forward for the country\u2019s crypto industry, telling Cointelegraph that: <\/p>\n<blockquote><p>\u201cThe industry is now taking a step towards institutional acceptance and will work harder for mass adoption.\u201d<\/p><\/blockquote>\n<p>There may be a problem for South Korea\u2019s traders, who racked up $45.8 billion in crypto market value in 2021, in figuring out which exchanges they can transfer funds to and from. Among the big four exchanges (Upbit, Bithumb, Coinone, and Korbit), there are two Travel Rule systems. Each system functions slightly differently and requires international exchanges to follow its guidelines. If those guidelines are not followed, transfers will not be allowed.<\/p>\n<p>According to the CEO of South Korea-based crypto VC Hashed, Simon Kim, these differences are likely to cause confusion and frustration among domestic traders. He feels that the Korean crypto community sees the mandate as \u201cclearly over-regulation,\u201d as he emphasized to Cointelegraph that: <\/p>\n<blockquote><p>\u201cIn a state where the infrastructure was not prepared, a regulatory body with low understanding was forced to push forward. It is expected that revisions will follow to an <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ropriate level with criticism from the Korean community.\u201d<\/p><\/blockquote>\n<p>The Hashed crypto and Web3 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.hashed.com\/portfolio\">portfolio<\/a> includes blockchain ecosystems Klaytn and Ethereum, NFT <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a> Axie Infinity, and decentralized exchange dYdX.<\/p>\n<p>Upbit is the largest exchange in the country with over 78.3% of the exchange market share according to local <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/junahn.substack.com\/p\/crypto-korea-travel-rule-and-exchanges?s=r\">analyst<\/a> Jun Hyuk Ahn. It has adopted its home-grown Verify VASP <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/zunahn\/status\/1506114776145235970\">program<\/a>. As of today, Upbit allows <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/upbit.com\/service_center\/notice?id=2535\">transfers<\/a> to and from its affiliates in Singapore, Indonesia, and Thailand, Bblock, Gopax, Cashierest, Flat Thai Exchange, Aphrobit, Binance, Bybit, Okcoin, Crypto.com, Coinbase, BITFRONT, Bittrex, Bitbank.cc, Gate.io, Kraken, BitMEX, FTX US, and HARU Invest.<\/p>\n<p>Meanwhile Bithumb, Korbit, and Coinone all have adopted the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cafe.bithumb.com\/view\/board-contents\/1642762\">CODE<\/a> system. This allows transfers between Coinbase, Kraken, Coincheck, bitFlyer, Bybit, Gemini, Coinlist Pro, Phemex, Bitbank, Line bitmax, Bitfront, FTX, Binance. <\/p>\n<p>Domestic transfers are blocked until April 8.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Bank of England and regulators assess crypto regulation in raft of new reports<\/em><\/strong><\/p>\n<p>The rules may hit decentralized finance (DeFi) traders hardest as they rely on personal wallets to make trades. Among all exchanges, no transfers to or from private wallets will be allowed unless the user verifies the address <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bithumb.com\/customer_support\/info_guide?seq=3408&amp;categorySeq=901\">in-person<\/a>.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/korean-crypto-exchanges-are-now-in-compliance-with-the-travel-rule\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Korean crypto exchanges are now in compliance with the Travel Rule &#8220; South Korean crypto exchanges have reached the government-mandated deadline to come into compliance with the so-called Travel Rule, but not all industry players are pleased with the measure. Starting today, Korean exchanges will flag any crypto transfers worth more than roughly $821&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":421246,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvMmJiNjQ0NzEtMTFhNy00MDA1LWJkZDctN2YxZjhmZDcwZmE4LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[79096,89730,70934,72420],"class_list":["post-421245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-fatf","tag-upbit","tag-regulation","tag-south-korea"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/421245","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=421245"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/421245\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/421246"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=421245"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=421245"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=421245"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}