Korea Tightens Crypto Transfer Rules Amid Offshore Exchange App Removals

The South Korean government has tightened its rules on cryptocurrency transfers after Google Play removed several offshore crypto exchange apps, including Bybit, MEXC, and HTX. The revised transfer rules now require proof of account ownership, transaction purpose, and source of funds before processing a transfer.

This shift in enforcement targets the banking rails that move fiat into these platforms, rather than app distribution. As a result, users may face delays or rejections if they fail to provide sufficient documentation.

The rules also attach enhanced suspicious-transaction monitoring to any movement of 10 million won (approximately $7,000) or more to an overseas exchange or self-hosted wallet.