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South Korean Crypto Exchange Bithumb Will Block Unregistered Wallets

The exchange was reportedly pressured from its partner bank to change its mind.

By Eliza Gkritsi
AccessTimeIconJan 25, 2022 at 12:12 p.m. UTC
Updated May 11, 2023 at 6:33 p.m. UTC
Seoul, South Korea (Ciaran O'Brien/Unsplash)
Seoul, South Korea (Ciaran O'Brien/Unsplash)
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Bithumb, one of South Korea's largest crypto exchange by trading volume, will stop accepting wallet addresses that haven't been properly registered with the exchange as it enforces the "travel rule," according to an official blog post on Monday.

  • The travel rule, recommended by the intergovernmental Financial Action Task Force, requires exchanges to collect data about transactions and share them with authorities when they exceed a certain threshold.
  • Starting Jan. 27, Bithumb users will not be able to withdraw or pre-register using wallets such as MetaMask that are not tied to a name, mobile phone number or email address registered, CoinDesk Korea reported.
  • Last week, Bithumb said users would have to go through a face-to-face interview to sign up on the exchange using such wallets.
  • South Korean media like Money Today reported that the change of mind came as a result of pressure from NH Nonghyup bank. Crypto exchange Coinone, which also works with NH Nonghyup, announced a similar measure which started on Jan. 24.
  • Seoul requires all exchanges to partner with banks for real-name bank accounts in order to operate in the country.
  • The two exchanges are working on a whitelist of users who have registered their data, according to media reports.

Read more: Japan’s Crypto Exchanges Grapple With ‘Travel Rule’ as Deadline Looms


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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Eliza Gkritsi
Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.

Follow @egreechee on Twitter

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