Income from commissions of South Korean banks that provide accounts to customers of cryptocurrency exchanges, increased 36 times compared to the previous year.
Such data has received the financial services Commission South Korea (FSS) as a result of check six banks – Woori Bank, KB Kookmin Bank, Shinhan Bank, Nonghyup Bank, Korea Development Bank and Industrial Bank.
According to FSS, last year, banking the income received from these services amounted to 2.2121 billion won (about $2.1 million), which is 36 times more than 61 million over the previous year.
Local banks earn money on cryptocurrency exchanges, by charging about 200-300 won for the contribution of the client – traders pay higher commissions to the exchanges when you make a withdrawal.
According to the FSS, more than any other to the provision of «virtual services» last year earned Industrial Bank of Korea. The Bank provides these services in exchange Upbit.
«The Bank earned a total of 675 million won, setting a fee for a virtual account in the amount of 300 out of the Deposit,» according to the FSS.
The second largest Commission earned – Nonghyup Bank, which provides services to cryptomeria Bithumb and Coinone. Last year the Bank earned 654 million won.
Shinhan Bank provides virtual account multiple cryptomeria, including Bithumb and Korbit, with the result that last year it reached 621 million won. Earnings Kookmin Bank amounted to 155 million won Development Bank – 61 million won, and Woori Bank – 59 million won.
Now the South Korean government has forbidden banks to provide accounts to the local cryptomeria until they establish a new system of customer identification. Banks will also have to verify the purpose of trading and funding source for each holder cryptologi account.