Foreigners will banned from Korean exchanges. New Korean government policy.

[olarsson]

https://coinone.co.kr/talk/notice/323/

Details about this information is below
- Underaged-minors: Whole service will not available
- All underaged-minors’ account will be locked after January 5th, 2018 8:00PM (KST)
- All subjected users need to withdraw all asset from January 1st to 5th, 2018..
- Non-Korea-residents (the one who are not live in Korea. Not Koreans who are live in Korea are not in this criteria)
- Korea-residents/ Non-Korea-Residents are decided by usage on mobile phone country, so it may differ by government’s details about the criteria
- KRW withdrawals are now allowed temporary, but will be closed(will notify as soon as possible with following notice).

I have a account on a korean exchange although i live in Europe. The exchange has a limit on withdrawal set to 1000 000 KRW. What will happen with founds that has not been withdrawn until 5 january or some people that are for example on vacation and not updated on the situation?

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[kaulhyangi]

I got money on bithumb too. Any update about this ? That sounds crazy to me as they explicitly provide services for foreigners..

[Cjsantos01]

But i am not getting one thing the withdrawls problems are only in krw?
I mean can i buy bitcoin with it and take my bitcoin out? Or do I need to prove that I am a “korean citizen” even for Cryptocurrencies?
Like coinone had a limit when you would verify a phone number. Does that limit still apply? Could I buy bitcoin back and take it little by little?

[kaulhyangi]

But i am not getting one thing the withdrawls problems are only in krw?
I mean can i buy bitcoin with it and take my bitcoin out? Or do I need to prove that I am a “korean citizen” even for Cryptocurrencies?
Like coinone had a limit when you would verify a phone number. Does that limit still apply? Could I buy bitcoin back and take it little by little?

To my humble understanding, any kind of cryptocurrency trading is to be banned for foreigners according to the last government regulations. HOWEVER, bithumb applied those regulations already and seems to only forbid the creation of a KRW virtual account (provided by 신한은행, Shinhan bank) to foreigners.

I personally registered my "real" Korean bank account, but as I am not a citizen of Korea, I contacted them for further information. I will post any update I get on their side.

[olarsson]

I understand it that it is not allowed for people who live outside of the Korean and are not Korean citizens. Withdrawals on my exchange has been limited to 1000 0000 per day in crypto. But it is still possible to trade. Deposits have been disabled.

[Cjsantos01]

I have been searching in coinone and I don’t see anything about thedeposits being disable, what is your exchange? And you being limited to 1million won per day is because you don’t have the phone number verified right?

Thank you