Coin transfers from Bithumb to Binance will be blocked
Bithumb announced on Jan. 26 that customers can only transfer virtual assets to foreign exchanges that have passed an anti-money laundering risk assessment exam. As of January 26, the exchanges that passed the review were Coinbase, Kraken, Coincheck, Bitflyer, Bybit, Gemini, Coinlist Pro, Phemex, and BitBank.
The list does not include Binance, the exchange most frequently used by Korean investors. Bithumb previously announced that virtual asset transfers were possible to 57 foreign exchanges, including Binance.
Users must register their wallet addresses on overseas exchanges in advance, and remittances can only be made with registered addresses.
Bithumb had to block coin transfers to Binance due to its contract with NH Nonghyup Bank. In September, NH Nonghyup Bank extended its real-name deposit and withdrawal account (real-name account) contract with Bithumb, requiring remittances to external wallets to be blocked by January 30. effects such as excessive kimchi bounties. In response, Bithumb offered the compromise of allowing remittances to pre-selected exchange wallets.