Ultimatum: South Korea said it stopped trading in anonymous encrypted currency accounts deadline

nBankruptcy comment: Recently, the South Korean Financial Services Commission released the latest bulletin, requiring South Korean cryptocurrency investors since January 30 must use real-name bank account to continue the transaction. There will be a total ban on anonymous cryptocurrency trading accounts. The FSC Bulletin also noted that minors and non-national citizens can not use the new name verification service. So far, the three top encryption currency exchanges in South Korea have all indicated their compliance with the new regulations.n
nTranslation: Clovern
South Korea’s financial regulator recently closed its domestic anonymous cryptocurrency trading account under ultimatum.n
According to a new announcement issued by the Financial Services Commission (FSC), as of January 30, Korean cryptocurrency investors will have to use real-name bank accounts to continue trading.n
Once the rules come into effect, investors can only deposit funds to trade cryptocurrencies if the certified name of the encrypted exchange matches the name of their bank account.n
The move by the financial regulator to strengthen compliance with the “Know Your Customer (KYC)” compliance requirements and to curb cryptocurrency speculation is one such move. FSC said in a statement that from January 8 to January 16, the agency conducted an investigation into domestic anonymous cryptocurrency transactions with assistance from the country’s top six banks and financial intelligence units before it introduced the new regulation.n
In addition, the official bulletin also established a guide to anti-money laundering in crypto currency exchanges, outlining the exchange’s vigilance over potential illegal activities.n
The statement states:n
n”Specifically, if users trade more than 10 million won in virtual currency daily or more than 20 million won in 7 days, the exchange needs to pay attention to whether such financial transactions involve money laundering.”n
nThe new rules also seem to have had a major impact on foreigners who have been using the Korean cryptocurrency exchange through virtual bank accounts. FSC announcement pointed out that minors and non-national citizens will be restricted from using the new name authentication service.n
So far, the three top encryption currency exchanges in South Korea have all indicated their compliance with the new regulations.n
In an email to CoinDesk, a Coinone representative confirmed that the exchange will implement the new rules as of January 30. The company said: “According to the new rules, NongHyup, KookMin, Shinhan, KEBHana, IBK and JB are all ready Connect with the exchange for real-name accounts. For Coinone, our users are temporarily required to register with the Agricultural Bank of China. “n
In addition, Korbit also said in an official blog released January 19 that it will end this month and otherwise replace its existing depository means that users “must have a real-name registered Shinhan Bank account.”n
According to Yonhap reports, Bithumb Exchange also said it will be implemented by the government requirements of the new regulations.n

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