South Korea Tightens Crypto Transfers to Overseas Exchanges and Wallets

South Korea is tightening controls on transfers to overseas crypto platforms after apps including Bybit and MEXC were removed from the local Google Play Store. Under the revised rules, exchanges may ask users to verify account ownership, transaction purpose and source of funds before processing transfers. Transfers of 10 million won ($7,000) or more to overseas exchanges or self-hosted wallets will face closer monitoring for suspicious activity. The measures are part of South Korea’s broader effort to strengthen oversight of offshore crypto transactions.