New regulations require exchanges to verify ownership, transaction purpose, and fund sources for transfers over $7,000.
South Korea has tightened oversight of cryptocurrency transfers to offshore platforms following the removal of Bybit, MEXC, and HTX apps from Google Play. Exchanges may now demand proof of account ownership, transaction purpose, and fund sources, delaying or rejecting transfers if details are insufficient.
The revised rules target transfers of 10 million won ($7,000) or more to overseas exchanges or self-hosted wallets, subjecting them to enhanced suspicious-transaction monitoring. The move follows growing regulatory scrutiny of digital asset flows amid concerns over illicit activities.
No immediate market reaction was reported, but the measures could reduce liquidity for offshore platforms operating in South Korea.