South Korean Crypto Exchange Cracks Down, Requiring Address Ownership Identity

[waybesuricata]

As the industry evolves and matures, the eagle eye of some regulators is focusing on ways to tip the scales back in their favor.

A Twitter user is now alleging that the South Korean Korbit cryptocurrency exchange is requiring proof of ownership of digital addresses. If a user does not verify the address with their identity, the exchange will withhold the user’s ability to withdraw.

Whether this is purely an internal measure or is an order that was handed down from government officials is not clear. Still, it highlights the importance of decentralized and alternative exchanges.

Source and continuation of the article:  https://beincrypto.com/south-korean-crypto-exchange-cracks-down-requiring-adress-ownership-identity/

[TomPluz]

Identifying ownership of digital addresses can be one of the many ways that can control the way people are using cryptocurrency. In fact, this option has the possibility of becoming popular soon as more and more centralized exchanges have to follow the wishes of those in power. Soon, even decentralized exchanges can have a hard time doing business in countries where the government is strict in implementing their regulatory procedures for the cryptocurrency industry. The tug of ward between the government and the people is going to be highlighted in the cryptocurrency industry as no side is going to be giving up that control...