South Korea tightens overseas cryptocurrency transfer channels: to add identity and fund purpose verification.

After overseas centralized exchange (CEX) apps including Bybit and OKX were removed from South Korea’s local Google Play, the country is further tightening procedures for transferring crypto assets to overseas platforms. According to the latest amendment to the enforcement decree of South Korea’s Specific Financial Information Act, domestic exchanges will in the future approve or reject transfers based on the risk level of the overseas platform involved. When sending funds to certain overseas exchanges or personal wallets, users may be required to verify account ownership, disclose the transaction purpose and source of funds; transfers may be delayed or denied if the provided information is insufficient. Transactions exceeding 10 million won per transfer will also be included in exchanges’ self-built suspicious transaction monitoring systems, with the new rules set to take effect six months after their announcement.