Can not use the system authorized by the government of South Korea most encryption currency exchange

Can not use the system authorized by the government of South Korea most encryption currency exchange


Cannot use the new authorization system recently implemented most of the South Korean government encryption currency exchange. Six major banks have installed the real name system, but only three decided to encryption currency exchange service. In addition, only the top four exchange in order to get the service from the bank.

The four exchanges can use the real name system

The New South Korean currency exchange accounts system encryption effect in less than a week. From January 30th onwards, the bank account for the existing virtual encrypted currency exchange issued accounts must be converted to deposit funds, currency trading encryption.

After regulators announced that 6 large banks have installed the real name system: ShinhanBank, NonghyupBank, IndustrialBankofKorea, KBKookminBank, KEBHanaBank and GwangjuBank.

However, local media reported on Saturday, the top three companies on the list have actually decided to provide services for the encryption of currency exchange accounts.

According to the Korea blockchain Association said at least 25 of the country’s currency exchange encryption. However, according to local media reports, only Bithumb, Upbit, Coinone virtual account and Korbit is converted to the real name system.

Hankyung said, “other exchanges continue to ignore the guidelines of the real name system”.

“The government encourages monopoly.”

The bank can choose the service

Although the South Korean regulators to ensure that the 6 banks to install the real name system, but the bank is not authorized for encryption currency transactions to provide customer service.

Yonhap quoted a bank official said, “to confirm the new virtual currency exchange bank account is a voluntary decision.” The official further explained that: “to prevent money laundering related legal liability of bank checks only internal control procedures, such as the customer to confirm the virtual currency transactions and the stability of the system, customer protection and anti money laundering procedures.” This news media:

“A new account issued only and exceeds the specified requirements of the system of the transaction, which means that if the condition is not satisfied, the real name authentication account new can be rejected.”

According to AsiaEconomic reports, Bithumb service Shinhan bank also decided to temporarily exchange accounts from the issuance process excluded. An official of Shinhan bank explained that the bank had suspended the account (Bithumb) issued, because they (Bithumb) under police investigation.” On Friday, the police conducted a field investigation on Bithumb, to find out who invaded the exchange last year.

787600 users affected

South Korea blockchain Association estimates that there are about 787600 customers use is no virtual account and exchange. These exchanges use corporate accounts to maintain customer funds, this is the regulators hope for eliminating the practice of reason is a high risk of money laundering. The media pointed out that:

At present, some have not received a new account exchange has been confirmed, if the same situation still exists after a period of time, they will suspend trading.”

However, the notice pointed out that regulators can continue to use the corporate accounts, as long as the exchange to anti money laundering obligations properly, and confirm the identity of the customer. In addition, they will also strictly check the banking and financial authorities.”

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