Two major South Korean cryptocurrency exchanges, Bithumb and Coinone, will implement separate transaction restrictions starting May 28, affecting Tether (USDT) withdrawals on the Kaia network and HTX-related deposits and withdrawals.
Bithumb halts USDT withdrawals on Kaia
Bithumb announced a temporary suspension of USDT withdrawals via the Kaia network, effective from 1:45 a.m. UTC on May 28, 2025. The exchange did not disclose the reason for the suspension, but such measures typically stem from network upgrades, wallet maintenance, or security reviews. Users are advised to switch to alternative networks like Ethereum (ERC-20) or Tron (TRC-20) during the halt, as no resumption date has been provided.
Coinone restricts HTX after UK sanctions
Coinone will halt deposits and withdrawals linked to the HTX platform on the same day, citing the addition of HTX-affiliated entity HUOBI GLOBAL S.A. to the UK Sanctions List. The move is a compliance-driven precaution to adhere to international financial regulations. This highlights the increasing alignment of crypto exchanges with global sanctions frameworks, a trend particularly relevant for South Korean platforms operating under strict oversight.
The dual restrictions underscore the operational and regulatory challenges facing exchanges, with users urged to complete any pending transactions before the deadlines and monitor official channels for updates.
