A new round of regulation in Korea threatens to lock a million accounts traders

Cryptocurrency exchanges in South Korea, uses the corporate Bank account will be subject to Bank verification for compliance with rules for combating money laundering. About a million accounts of clients of such exchanges can be frozen as a result of this inspection.

A ban on anonymous cryptocurrency trading in South Korea entered into force on 30 January 2018. In accordance with this ban, banks began to use for transactions the real names of clients and to refuse to provide the virtual accounts to the exchanges who use shared corporate accounts.

Korea Blockchain Association has 10 cryptocurrency exchanges. Of them, exchange Coinnest uses 500 thousand customers, GOPAX — 151 thousand users, Coinlink and Eya Labs approximately 55 thousand. If you add up with the rest of the sites get about a million accounts.

The new system of Bank accounts linked to real names introduced so far, only four of the largest crypto currency exchange in South Korea: Upbit, Bithumb, Coinone and Cobit.

A small exchange of Coin HTS (10 thousand users), faced with the delay in receiving support accounts provided the identification scheme developed jointly with the partner Bank, however, the results of their work was in vain, and was abolished, and that the exchange’s management considers unfair decision.

The South Korean government late last year adopted a series of tough decisions on regulation of cryptocurrency trading, and in mid-January, the sec announced a new requirement for the Bank accounts – binding only to the actual user data.

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