South Korean Cryptocurrency Exchange Bithumb accepts users again after KYC integration according to fresh regulations.
Bithump has announced that kicking off from February 9, traders can confirm their auténtico identity via accounts at Nonghyup Canap. Shinhan Canap also permits to proceed KYC veranderingsproces for Bithumb traders.
The integration of the fresh KYC system on the Bithumb exchange has happened Ten days after the entry into force of the fresh regulations. According to fresh regulations anonymous cryptocurrency trading te South Korea wasgoed banned.
Wij would like to remind that on January 30, fresh crypto trading rules entered into force te South Korea. Financial Services Commission has obliged all exchanges te the country to set real-name verification procedures for all customers via domestic banks.
South Korean regulators proceed to implement policy aimed to combat the anonymous cryptocurrency trading. From now on, traders will not be able to make deposits on Korean cryptocurrency exchanges, if the holder’s name ter the bankgebouw account does not match the name of the account holder on the trading toneel. Te addition to KYC procedures, the government obliged the exchanges to pass on information about transactions on their platforms to banks.
At the same time, not all cryptocurrency exchanges could implement fresh system. Some of them use corporate accounts and independently verify users, others had to suspend trading.
Spil wij reported earlier, on February 6, it became known that South Korean Coinpia cryptocurrency exchange suspends fiat deposits. The reason wasgoed the impossibility to set up KYC (Know Your Client) verification that meets government requirements.
The exchange added a notice on the webstek stating that it does not accept deposits ter Fiat currency since January 30, te order to overeenkomstig with requirements of the Financial Services Commission (FSC).
According Korean mass media, banks te South Korea can turn down petite cryptocurrency platforms and only integrate with major exchanges such spil Bithumb, Upbit, Coinone.