Korbit cooperates with Shinhan Bank to implement user deposit and withdrawal limits in advance

Odaily Planet Daily News South Korean cryptocurrency exchange Korbit will cooperate with Shinhan Bank to implement restrictions on user deposits and withdrawals in advance. South Korea's cryptocurrency exchanges were originally going to implement unified restrictions on users in January next year, and would only increase users' deposit and withdrawal limits after confirming the user's transaction purpose and source of funds. Korbit will first set the user's deposit limit to 5 million won (approximately US$3740) in a single day. If the bank confirms the user's transaction purpose and source of funds, the deposit and withdrawal limit will be increased to 500 million won (approximately US$374,000). This restriction only applies to Korean won deposits between Shinhan Bank and Korbit. (News1)