Source : coinquora.com
- Bithumb exchange to block all personal wallets that are not verified.
- Centralized exchanges that have strict KYC rules can make withdrawals.
- Wallet address registration is required between Bithumb members.
The crypto world continues to develop its technology to provide users the highest level of asset security. This time, Bithumb exchange announced that it will block all personal wallets that are not verified. In detail, the exchange will stop all the withdrawal transactions of all wallets that have not registered their personal information on Jan 27th.
The announcement is made to give way to the so-called white list system. It is a feature that blocks the withdrawal system of the exchange to all wallets linked to it that are not verified. Hence, users must ensure to register their wallets information to avoid inconvenience in their withdrawal request in the future.
Bithumb introduces a pre-registration system of virtual asset withdrawal addresses to ensure a seamless process. However, all the users that have completed the KYC verification will be eligible to do the virtual asset withdrawal service. In addition, the wallet address registration is also required for internal transmission between Bithumb members.
On the other hand, the exchanges such as Kraken, Bitstamp, Blockchain.com, Bybit, and Binance.US which are known to have strict KYC policies are still approved. Therefore, users of these exchanges do not have to worry about the withdrawal policy set by the Bithumb exchange.
Moreover, Bithumb is not the first to deploy this kind of strict measure when it comes to the withdrawal system of unverified wallets. Coinone is a very good example of an exchange that has stopped the withdrawal of crypto assets to unverified wallets.