Korbit Axes Web3 Wallet Service Amid Regulatory Scrutiny
Korbit, one of South Korea's oldest cryptocurrency exchanges, has announced it will shut down its Web3 wallet service on December 31. The exchange has suspended withdrawals on the Silicon network from the Korbit exchange and creation of new Web3 wallets, taking effect at 3:00 a.m. UTC.
Users are urged to move their assets out of the Web3 wallet before the deadline, as after it closes, only balance inquiries will be allowed through the Korbit app. This means users will not be able to send or receive funds from their Web3 wallets, making self-custody crucial.
The shutdown reflects a broader trend among centralized platforms reassessing their Web3 offerings and may signal a shift in how domestic exchanges approach decentralized finance (DeFi) and Web3 integration. Korbit's move is notable for its clear timeline and user guidance, underscoring the evolving landscape of crypto services in South Korea.