1. What is crypto travel rule in Korea?
In line with FATF guidance, South Korea’s amended its Act on Reporting and Using Specified Financial Transaction Information to require virtual asset service providers (VASPs) to register with the local financial regulator, the Korea Financial Intelligence Unit (KoFIU), before undertaking business operations. The amended act also mandated the Crypto Travel Rule for international virtual asset transfers over 1 million won (~USD 865). The crypto travel rule enforcement date is March 25, 2022 in South Korea.
2. What happens if KYC is NOT completed?
Please be assured all trading functions remain normal in your Bybit account.
Deposit/Withdrawal of more than 1 million KRW to/from Upbit will not be restricted as long as user completed KYC on both exchanges. However, Deposit/Withdrawal amount of less than 1 million will not be affected(Not required KYC).
In the event if the withdrawal/deposit from/to Upbit is more than 1 million KRW, the amount may not be credited to your account due to the Travel rule requirement. In this instance, you may contact Upbit Customer support for assistance. To avoid any delay in your Deposit/Withdrawal, we highly encourage traders to complete the KYC verification on both Bybit and Upbit exchange using the same identification documents. Registration of Bybit deposit wallet address on Upbit will be required before any Deposit/Withdrawal attempts made.
Note : 1 million KRW is subjected to the exchange rate at the point when the Deposit/Withdrawal requests are made.For example, if you withdraw crypto asset from Bybit to Exchange A, 1 million KRW is based on the Exchange A rate at the time of receiving crypto asset. Conversely, if you deposit to Bybit from Exchange A, 1 million KRW rate will apply base on Exchange A when you submit the withdrawal.
3. Are crypto deposits/withdrawals to other exchanges (other than Upbit) affected as well?
Currently, there is no restriction on Deposit/Withdrawal to other exchanges including Upbit. However, please be informed that this is subjected to changes in policies of respective exchanges.
It is recommended that you complete the KYC verification on Bybit and the other respective exchanges to ensure a smooth Deposit/Withdrawal experience in the event of the change in local(Korean) exchange policies.
4. Is it possible to Deposit/Withdraw to Upbit if the documents used for the KYC verification are different?
Yes, it is possible. As long as the identity for the KYC verification on both exchanges matches.
5. What is the minimum level of KYC verification needed?
Traders have to complete the KYC Lv. 1 verification to comply with the Korea travel rule. However do take note that KYC Lv. 2 may be required if users would like to withdraw a relatively larger amount of crypto. For more information on withdrawal limits, you may refer to here.
6. My withdrawal amount is less than 1 million KRW. Can I withdraw from Bybit to Upbit?
Currently, the Deposit/Withdrawal amount of less than 1 million KRW will not be affected.
Nevertheless, to avoid any delay in your Deposit/Withdrawal, we highly encourage traders to complete the KYC verification on both Bybit and Upbit exchange using the same identification documents. To perform a KYC, click here
Registration of Bybit deposit wallet address on Upbit will be required before any Deposit/Withdrawal attempts made.
Note : 1 million KRW is subjected to the exchange rate at the point when the Deposit/Withdrawal requests are made.
7. Can I withdraw an amount less than 1 million KRW from Upbit to Bybit?
Yes, you can. However, please be reminded that the 1 million KRW value is subjected to the exchange rate at the point when the Deposit/Withdrawal requests are made.
For more assistance, kindly check with Upbit Customer support.
8. Can I withdraw an amount more than 1 million KRW from Upbit to Bybit?
Yes, you can. However, this will be subjected to the Korea Travel Rule, which means that users MUST meet the following requirements:
1) Account email address(if any) on both Bybit and Upbit must be the same
2) Account mobile number(if any) on both Bybit and Upbit must be the same
3) KYC must be done on both Bybit and Upbit account.