Korean Exchange Korbit Halting Deposits from Foreigners

South Korean cryptocurrency exchange Korbit has barred non-citizens from depositing local currency - the Korean won - on its platform. "If you are not a Korean citizen, the KRW deposit to the domestic virtual currency exchange will be stopped when you switch to the new KRW deposit method in January. [This] applies to both domestic residents and non-residents." Korbit added that foreigners will not be allowed to deposit Korean won "At any domestic cryptocurrency exchanges" when the new system is implemented. The proposal essentially strengthens know-your-customer rules already in existence for exchanges and banks, and will require cryptocurrency exchange users to connect a bank account with identifying information in order to deposit or withdraw funds.
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