South Korea Cracks Down on Overseas Crypto Transfers

South Korea has introduced revised rules to tighten controls on cryptocurrency transfers to overseas exchanges and wallets. The new regulations come after several apps, including Bybit and MEXC, were removed from the local Google Play Store. Exchanges may now ask users to verify their account ownership, transaction purpose, and source of funds before processing transfers.

The revised rules also mandate closer monitoring for suspicious activity on transfers of 10 million won ($7,000) or more to overseas exchanges or self-hosted wallets. This move is part of South Korea's broader effort to strengthen oversight of offshore crypto transactions.